Nationwide housing starts rose 6.8 percent to a seasonally adjusted annual rate of 914,000 units in May due primarily to increased production on the multifamily side, according to newly released data from HUD and the U.S. Census Bureau.
"The outlook for housing continues to brighten as builders respond to increased demand for new homes and rental apartments," said National Association of Home Builders (NAHB) Chairman Rick Judson, a home builder from Charlotte, N.C. "While challenges with regard to the cost and availability of building materials, lots and labor are still keeping the pace of improvement in check, both builders and consumers are more confident about their prospects in the current marketplace."