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Economic Report: Home-builder confidence climbs in May

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Workers on an Ashburn, Va. townhouse.

The numbers: Builder confidence in the market for newly-built single-family homes rose two points to a level of 70 in May, according to the National Association of Home Builders/Wells Fargo housing market index released Tuesday.

The Econoday-compiled consensus was for a 69 reading.

April’s reading was downwardly revised a point to 68. Any number over 50 indicates that more builders view conditions as good than poor.

What happened: Builders are confident, at a time of low unemployment, a shortage of housing inventory and fairly low mortgage rates. Rising lumber and labor prices remain a concern, however.

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