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21 Jun

US multi-unit residential construction activity weakens on-month

US new construction data for May reveal a month-on-month drop in housing starts, housing completions and building permits for multiple unit dwellings, Kallanish learns from the Census Bureau. The rate of housing starts for buildings with five or more units was 278,000 in May, down 10.3% on-month and down 51.7% year-on-year. Privately owned housing starts in May tallied at an annualised rate of 1.28m, a drop of 5.5% m-o-m. This reading was 19.3% below the May 2023…
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