Source: Scotsman Guide —
Residential starts fell in May to a seasonally adjusted annual rate of 1.55 million units, down 14.4% monthly and 3.5% yearly to the lowest level in more than a year.
That’s according to the latest new residential construction report from the United States Census Bureau and the Department of Housing and Urban Development, which also revealed a pace of 1.05 million single-family housing starts in May — a monthly backtrack of 9.2%. Single-family starts have now fallen for three straight months and are now down 5.3% on a yearly basis, although year-to-date, starts are still up 3.2%.
Multifamily starts, which are typically more volatile month to month than single-family construction, plunged 23.7% in May, wiping out most of the 24.4% increase seen in April. Multifamily saw an annualized rate of 498,000 units, the slowest pace since November.