U.S. housing starts rise in June; building permits fall sharply

[mahatmakanejeeves]

Source: Reuters, via Yahoo! Finance

Reuters

U.S. housing starts rise in June; building permits fall sharply

Tue, July 20, 2021, 8:36 AM

WASHINGTON, July 20 (Reuters) - U.S. homebuilding increased more than expected in June, though expensive lumber as well as shortages of labor and land continued to constrain builders' ability to fully take advantage of robust demand for housing.

Housing starts rose 6.3% to a seasonally adjusted annual rate of 1.643 million units last month, the Commerce Department said on Tuesday. Data for May was revised down to a rate of 1.546 million units from the previously reported 1.572 million units.

Economists polled by Reuters had forecast starts rising to a rate of 1.590 million units. Despite last month's increase, starts remained below March's rate of 1.725 million units, which was the highest level since June 2006.

Permits for future homebuilding fell 5.1% to a rate of 1.598 million units in June.

Though lumber futures have dropped nearly 70% from a record high in early May, softwood lumber prices increased 125.3% year-on-year in June, according to the latest producer price data.

Read more: https://finance.yahoo.com/news/u-housing-starts-rise-june-123646596.html

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From the source:

https://www.census.gov/construction/nrc/pdf/newresconst.pdf

FOR RELEASE AT 8:30 AM EDT, TUESDAY, JULY 20, 2021

MONTHLY NEW RESIDENTIAL CONSTRUCTION, JUNE 2021

Release Number: CB21‐112

July 20, 2021 ‐ The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly
announced the following new residential construction statistics for June 2021:

{snip}

[Mysterian]

1. Good

Maybe I can get a sheet of plywood for under $80 someday.

[flying_wahini]

2. Yes, I feel your pain.

I have 2 bathroom ripe to redo and was told by a plumber that they can’t copper pipes or
wood and other necessities. So I am waiting another year or two. Grrrr.

[Bayard]

3. Mr. Bayard bought some 2x4's this morning

A load that used to cost $60 was close to $200.

[The Mouth]

4. We need a hell of a lot FEWER people here in California

We don't have water or infrastructure for those already here.

You can't build your way out of a housing shortage (unless you also happen to have infinite resources).