Permits for housing construction climbed

(CNNMoney) — Permits for housing construction climbed in May, signaling a glimmer of optimism among homebuilders about the future of the housing market.

The number of permits for future housing construction jumped to a seasonally adjusted annual rate of 612,000 last month, up 8.7% from the revised rate of 563,000 in April, the Commerce Department said.

It was the highest monthly rate since December and was much higher than expected, with economists surveyed by looking for a 548,000 permit rate.

Permits for single-family homes, viewed as a more stable indicator of new homebuilding activity than permits for multi-family home construction, ticked up 2.5% from April to a rate of 405,000.


This entry was posted in, Real Estate. Bookmark the permalink.

Comments are closed.