U.S. homebuilding increased less than expected in May, but a strong rebound in permits for future home construction suggested the housing market was starting to emerge from the COVID-19 crisis along with the broader economy.
FILE PHOTO: A new apartment building housing construction site is seen in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy Nicholson
“Housing is a leading economic indicator and it is pointing the way forward but there is a limit to growth when the economy has to drag along the millions and millions of unemployed workers displaced in this pandemic recession who won’t be seeing paychecks anytime soon,” said Chris Rupkey, chief economist at MUFG in New York.
Single-family homebuilding, which accounts for the largest share of the housing market, edged up 0.1% to a rate of 675,000 units in May. Starts for the volatile multi-family housing segment jumped 15.0% to a pace of 299,000 units.Stocks on Wall Street were trading higher, extending a three-day rally. The dollar firmed against a basket of currencies. U.S. Treasury prices rose.
Though the housing market accounts for about 3.3% of gross domestic product, it has a larger footprint on the economy. A separate report from the Mortgage Bankers Association on Wednesday showed applications for loans to buy a home increased 4% last week to their highest level since January 2009.Signs of recovery in the housing market were underscored by a survey of Tuesday showing single-family homebuilders very upbeat in June about conditions in the industry.
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