Housing starts rise in may: Home building picks up, material shortages holds back activity

Wells Fargo Research Team Wells Fargo

Summary

Total housing starts rose 3.6% to a 1.572 million-unit pace during May.
Builders continue to push through the headwinds of soaring building material costs and supply chain constraints in order to meet robust demand for single-family homes, townhomes and apartments.
Both single-family (4.2%) and multifamily (2.4%) starts improved during the month.
Total building permits slipped 3.0%, with both single-family and multifamily permitting declining during the month.
The NAHB/Wells Fargo Housing Market Index fell two points to 81 in June. Builders remain generally upbeat, but building material pricing and availability is starting to weigh on confidence.

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Wells Fargo Research Team

Wells Fargo

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