Shortages of skilled workers and available lots have weighed on the industry even as Americans remain upbeat about home-buying. Builders have become a bit less buoyant than earlier in the Trump administration, when they registered the highest optimism since 2005, data earlier this week from the National Association of Home Builders and Wells Fargo showed.
US Housing Starts dropped in May
Residential starts decreased 5.5% to a 1.09m annualized rate (est. 1.22m), the weakest since September. Starts in April were revised down to 1.16m, while March figures were also weaker than last reported. Permits, a proxy for future construction, fell 4.9% to a 1.17m rate, the lowest since April 2016. May starts were pushed lower by declining construction in South, which reached the weakest level since October 2015, and in the Midwest. Construction of single-family properties dropped 3.9 percent to the lowest since September, while ground-breaking on multifamily units declined for a fifth straight month.
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