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. 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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