by Calculated Risk June 20, 2024 9:12 AM
Today’s Calculated Risk Real Estate Newsletter: Single-family housing starts down slightly in May compared to a year ago, while apartment starts fell 50%
Short excerpt:
Total housing starts in May were below expectations, but the combined numbers for March and April were revised slightly upward.
The third chart shows a month-by-month comparison of total construction starts for 2023 (blue) and 2024 (red).
Total construction starts in May were down 19.3% compared to May 2023. It should be noted that May 2023 construction starts were very strong, making year-over-year comparisons difficult.
The year-over-year decrease in total housing starts was primarily due to a steeper year-over-year decline in multifamily housing starts, while single-family housing starts declined slightly after 10 months of year-over-year increases.
There’s a lot more in the article.
