Housing Starts Come On Like Gangbusters
U.S. housing starts, both single-family and multi-family, came in hot in May at a combined seasonally adjusted rate of 1.631 million, a 21.7% increase above April. Single-family starts in May were at a rate of 997,000 an 18.5% increase over April, and multi-family was 624,000, an increase of 28% over April, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report.
Single-family and multi-family starts had consecutively declined the previous two months.
Building permits were at a rate of 1.491 million, 5.2% above April, with single-family permits at 897,000, an increase of 4.8%, and multi-family at 542,000, up 7.8%
Housing completions were at a rate of 1.518 million, 9.5% above April, with single-family completions at 1.009 million, 3.9% above April, and multi-family at 493,000, up 24%.
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Vaagen Puts Emphasis On Midway Closure
Vaagen Fibre Canada (an affiliate of Vaagen Brothers Lumber) announced it is shutting down its Midway, BC sawmill indefinitely, while indicating it is looking for solutions to keep the operation going, and encouraging those impacted throughout the Boundary, West Kootenay, and Okanagan regions to appeal to the Ministry of Forests…
U.S. Housing Starts Dipped Slightly In 2022
U.S. housing starts for 2022 came in at 1.553 million units, down 3% from 2021, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report. Single-family starts took the biggest hit, down 10.6% to 1.007 million, while multi-family (five units or more) increased 14.5% to 528.9 million…
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