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The aggregate U.S. housing market hit a stumbling block in May, as most monthly indicators were negative on a month-over-month basis. However, on a year-over-year basis, the majority were positive, with the exception of total permits and starts. Problematic is construction spending, as single-family, multifamily, and improvement expenditures were negative on a month-over-month basis. These sub-sectors bear watching, as the continuation of this pattern may indicate a slowdown in the housing market. Regionally, data were mixed across all sectors. The July 11thAtlanta Fed GDPNow™ model projects aggregate residential investment spending to decrease at a -1.0% percent seasonally adjusted annual rate. New private housing was estimated to decline -2.5% and improvement spending was projected to increase 1.6% in Quarter 2. All declined from Q1’s forecasts.
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Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; M. Ray McKinnie, Administrator, 1890 Extension Program, Virginia State University, Petersburg.
July 18, 2017