U.S. home construction drops 0.9% in May
Number of truck drivers reaches all-time high, but driver shortage persists
Source: Martin Crutsinger, Associated Press via The Detroit News
May saw a sharp drop in construction of single-family homes. Apartment building construction actually rose during the month, but not enough to offset the decline, which analysts say was caused by a shortage of both building lots and skilled construction workers.
According to the HUD and the U.S. Census Bureau, construction started on 1.27 million homes and apartments. However, applications for building permits did rise 0.3%.
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