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Home construction climbs 5% in May: McGraw Hill

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At a seasonally adjusted annual rate of $495.7 billion, new construction starts in May advanced 5% from April, according to McGraw Hill Construction.

Much of the uptick came from nonresidential building, which registered moderate growth for the second month in a row after its sluggish performance at the outset of 2013.

During the first five months of 2013, total construction starts on an unadjusted basis were reported at $187.6 billion, down 3% from last year. 

Residential building advanced 3% in May to $206.8 billion. 

Single-family housing also edged up 2% in May, the company noted. 

The rate of activity for single-family housing continues to be high by recent standards, with May up 26% from the average monthly pace during 2012.

By geography, single-family housing in May revealed gains in the Midwest, up 6%; the West, up 5%, and the South Atlantic, up 2%, respectively. 

However, there were declines in the South Central region of the nation, down 2% and the Northeast, down 6%, respectively.

Multifamily housing in May grew 7%, and its monthly volume was up 24% from the average pace during 2012.


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