According to the recently released data by U.S. government agencies, single-family starts were at an 11-month high last month

 

According to the recently released data by U.S. government agencies, single-family starts were at an 11-month high last month.  Last week, the NAHB's survey revealed a five-point increase in builder confidence to 55.  In May, the overall housing starts increased by 21.7% to a seasonally adjusted rate of 1.63M units.  The single-family housing starts increased by 18.5%, and the multifamily sector increased by 27.1%.  The number of apartments under construction grew 17% to 994,000, the highest seen since September 1974.  The increase is attributed to a limited existing inventory, strong demand, and improved supply chains.