Gains made in homebuilding, but permits still below peak levels
The New Residential Construction Report showed gains in May with single family permits increasing from April. Single family housing permits increased around 4 percent from April, and nearly twenty percent above May 2011 levels.
This chart maps single family housing permits over the past decade. The newest numbers showed gains in May with single family permits increasing from April. Starts also increased over the same period.
SoldAtTheTop
Today’s New Residential Construction Report showed gains in May with single family permits increasing from April while starts also increased over the same period.
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'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.
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Single family housing permits, the most leading of indicators, increased a notable 4.0% from April to 494K single family units (SAAR), and increased 19.9% above the level seen in May 2011 but still remained an astonishing 72.53% below the peak in September 2005.
Single family housing starts increased 3.2% from April to 516K units (SAAR), and climbed 26.2% above the level seen in May 2011 and remained a stunning 71.70% below the peak set in early 2006.
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