In a minor setback, construction in May stumbled, as builders eked 4.7 percent fewer housing starts year-over-year, and 0.9 percent less month-over-month, according to the Commerce Department.
In May, there were a combined 1.27 million housing starts, with 436,000 in the multifamily sector and 820,000 single-family—the latter lower month-over-month by 6.4 percent.
Approvals for builds climbed 0.3 percent month-over-month, but dipped 0.5 percent year-over-year, at 1.29 million permits. Approvals in the single-family space totaled 815,000, 3.7 percent higher month-over-month, and approvals for multifamily starts totaled 442,000.
Completions dropped sharply to 1.21 million, 9.5 percent less month-over-month and 2.8 percent lower year-over-year. Completions in the single-family space struggled, as well, down 5 percent to 890,000. Completions on multifamily starts totaled 319,000.