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New Home Construction Growth Swings From 14 Year Low to 13 Month High

New Home Construction Growth Swings From 14 Year Low to 13 Month High

Although the New Residential Construction report released by the Census Bureau has notoriously wide margins of error, it's rare to see numbers like today's rendered irrelevant by a revision.  In fact, even in the case of the most extreme negative revision, Housing Starts (the ground-breaking phase of new construction) would still be up roughly 7% from April.  As reported, starts surged a whopping 21.7% to an annual pace of 1,631,000. Multifamily starts jumped even more: 28.1% from last month and 39.6% vs a year ago.  Multifamily continues eating into the market share of single family construction, growing 2.4% faster from last month and 33.7% faster over the past 12 months.  In terms of outright levels, multi-fam starts are the highest since the 1980s.  That said, single family co
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