Housing Construction Increase in May
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http://biz.yahoo.com/ap/060620/economy.html?.v=10&printer=1
Tuesday June 20, 10:13 am ET
By Martin Crutsinger, AP Economics Writer
Housing Construction Posts Increase in May After 3 Monthly Declines
WASHINGTON (AP) -- Construction of new homes and apartments, after posting three straight months of declines, increased in May, helped by dry weather.
The Commerce Department reported that builders started construction at a seasonally adjusted annual rate of 1.957 million units last month, an increase of 5 percent from the April construction pace. The better-than-expected increase came after declines of 5.5 percent in April, 7.5 percent in March and 5.9 percent in February.
Analysts attributed the increase to an unusually dry spring in many parts of the country which allowed builders to start work on more new homes. But they cautioned that construction activity is likely to slide further in coming months as the housing industry slows under the impact of rising mortgage rates.
In a sign of that expected slowdown, permits for new construction dropped by 2.1 percent in May to an annual rate of 1.932 million units.
For May, construction of new single-family homes was up 2.1 percent to an annual rate of 1.586 million units while construction of multifamily units was up an even stronger 19.7 percent to an annual rate of 371,000 units.
Tuesday June 20, 10:13 am ET
By Martin Crutsinger, AP Economics Writer
Housing Construction Posts Increase in May After 3 Monthly Declines
WASHINGTON (AP) -- Construction of new homes and apartments, after posting three straight months of declines, increased in May, helped by dry weather.
The Commerce Department reported that builders started construction at a seasonally adjusted annual rate of 1.957 million units last month, an increase of 5 percent from the April construction pace. The better-than-expected increase came after declines of 5.5 percent in April, 7.5 percent in March and 5.9 percent in February.
Analysts attributed the increase to an unusually dry spring in many parts of the country which allowed builders to start work on more new homes. But they cautioned that construction activity is likely to slide further in coming months as the housing industry slows under the impact of rising mortgage rates.
In a sign of that expected slowdown, permits for new construction dropped by 2.1 percent in May to an annual rate of 1.932 million units.
For May, construction of new single-family homes was up 2.1 percent to an annual rate of 1.586 million units while construction of multifamily units was up an even stronger 19.7 percent to an annual rate of 371,000 units.
작성일2006-06-20 08:35
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