Honolulu Star-Advertiser

Thursday, April 25, 2024 72° Today's Paper


Business

U.S. housing starts jumped 5% in May

WASHINGTON >> A surge of construction in the Midwest drove U.S. housing starts up 5 percent in May from the prior month.

The Commerce Department said Wednesday that housing starts rose to a seasonally adjusted annual rate of 1.35 million, the strongest pace since July 2007. All of May’s construction gains came from a 62 percent jump in the Midwest, while building slumped in the Northeast, South and West. Home construction can be volatile on a monthly basis, so May’s gains may be a blip rather than a trend.

The solid job market has helped to boost demand for new homes. Housing starts have risen 11 percent so far this year, with gains for both single-family houses and apartment buildings. Permits to build tumbled 4.6 percent in May, but permits are running 8.9 percent higher year-to-date.

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines. Having trouble with comments? Learn more here.