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New Home Construction is Officially Picking Back Up

Wednesday, June 17, 2020

Residential construction numbers climbed in May after their pandemic-driven collapse in April. The Census Bureau and the Department of Housing and Urban Development report that both permitting and starts rose during the month although completions fell. Permits for residential construction were authorized at a seasonally adjusted annual rate of 1,220,000, up 14.4 percent from the previous month. The 1,074,000 permitting rate originally reported for April was revised even lower to 1,066,000 and the rate is now down 8.8 percent compared to a year earlier. Analysts polled by Econoday had expected permits to be in the 1,000,000 to 1,300,000 range. Their consensus was 1,250,000.

 

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