Solid Shelter

While May single-family starts are up 18.3% Y-o-Y and multifamily are up 25.1% Y-o-Y, those numbers are deceiving as 5/17 was, by far, the worst month for starts last year! YTD, a better way to compare volatile month-to-month data like this, starts are up a solid 11%, but below the 15% growth rate starts have averaged since their climb began in 2/11. Going forward, 10% growth should be considered excellent.