Housing starts, building permits give mixed message
Posted June 19, 2012
A bit of mixed news on the national housing front Tuesday, as May housing starts were down 4.8 percent for the month. However, if you look at the trending, year-over-year data, we’re up 28.5 percent from this time last year. Building permits for May jumped 7.9 percent which is another sign that builders are embracing an ever increasing level of confidence in the new home market.
According to news from the Job Openings and Labor Turnover Survey (JOLTS), the number of available jobs in the US dropped by 8 percent in April, which is now the sharpest decline that the survey has seen in seven and a half years. Jobs are the crux of every major economic discussion these days, and eroding confidence in this sector does not bode well for economic growth.
Here in North Carolina, unemployment for the state remained flat in May at 9.4 percent.
We continue to see strength in many areas of Triangle businesses, which will hopefully continue in the coming weeks and months. Interest rates remain extremely strong, but could be set for some volatility after the Fed completes its meeting Wednesday afternoon.