High Housing Starts In May 2018
According to the NAHB both the single-family and multifamily sectors saw an increase in total housing starts in the month of May 2018. In the Census Bureau and HUD report, data shows that housing starts increased 5% month-over month to a 1.35 million seasonally adjusted
annual rate.
Single-family starts hit 3.9% in May 2018 with a 936,000-annual rate. NAHB/Wells Fargo Housing Market Index reports a healthy score of 68 for single-family starts growth trends.
Reports show on a year-to-date basis that single-family starts are up 9.8% in the first five months of 2018 in regards to the data released in May of 2017. Multifamily starts were up 11% in May with a 404,000-annual rate, making multifamily construction the highest thus far in the year 2018. As for a comparison to 2017, multifamily is up more than 13% this May 2018.
Out of the housing starts reported in May 2018, 54% were multifamily making the total 612,000 while single-family report 515,000 under construction.
