CE Pro August 2021 - 14

Industry Pulse
Tight Labor Pool Affects Single-Family Home Starts
AFTER A SLIGHT downtick
in April, housing starts were
up in May. Overall housing
starts rose 3.6% in May to a
seasonally adjusted annual
rate of 1.57 million units, according
to the U.S. Department
of Housing and Urban
Development and the U.S.
Census Bureau.
The May reading of 1.57
million starts is the number of
housing units builders would
begin if development kept this
pace for the next 12 months.
Within this overall number,
single-family starts increased
4.2% to a 1.10 million seasonally
adjusted annual rate.
The multifamily sector, which
includes apartment buildings
and condos, increased 2.4% to
a 474,000 pace.
Chuck Fowke, chairman of
the National Association of
Home Builders (NAHB) and
a custom home builder from
Tampa, Fla., says higher construction
costs are hurting
the market.
On a regional and year-todate
basis (January through
May of 2021 compared to
that same time frame a year
ago), combined single-family
and multifamily starts are
46.3% higher in the Northeast,
37.2% higher in the
Midwest, 19.0% higher in the
South and 26.4% higher in
Single-family housing starts are on pace to rise 4.2% in 2021.
the West. These gains come
off of depressed activity
levels from last spring.
" Single-family permits
declined to the lowest pace
since September 2020 as the
home building market cools
somewhat to adjust to higher
prices and longer delivery
times of building materials, "
says Robert Dietz, chief economist,
NAHB.
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14 | CE Pro August 2021
cepro.com
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CE Pro August 2021

Table of Contents for the Digital Edition of CE Pro August 2021

CE Pro August 2021 - Presentation
CE Pro August 2021 - Cover1
CE Pro August 2021 - Cover2
CE Pro August 2021 - 1
CE Pro August 2021 - 2
CE Pro August 2021 - 3
CE Pro August 2021 - 4
CE Pro August 2021 - 5
CE Pro August 2021 - 6
CE Pro August 2021 - 7
CE Pro August 2021 - 8
CE Pro August 2021 - 9
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CE Pro August 2021 - Cover3
CE Pro August 2021 - Cover4
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