The U.S. Census Bureau will release its latest data on residential construction spending on Monday.
Its prior release revealed pending on private residential construction came in at $550.3 billion in March—2.3% above the revised February estimate of $537.7 billion.
New single-family construction fell 2% from the prior month but is up 12.1% year-over-year. Total residential construction is up 8.8% annually.
A report by the Harvard Joint Center for House Studies (JCHS) forecasts that housing projects may take longer to complete due to COVID-19.
The JCHS said that single-family construction had been depressed since the Great Recession, with 12 consecutive years of less than 1 million starts. Starts were growing, although slowly, over the past eight years, reaching 888,000 starts in 2019.
There are currently 1.2 million units under construction.
Also coming in the Week Ahead are more exclusive interviews on with Frank Pallotta, candidate for the U.S. House of Representatives; Jesse Roth, SVP, Auction.com; and Seth Appleton, Principal EVP, Ginnie Mae on DS5: Inside the Industry.
Additionally, the U.S. Banking Committee will hold a hearing on the CARES Act on Tuesday. The meeting will include insight from Thomas Quaadman, EVP, U.S. Chamber, Center for Capital Markets Competitiveness; Dr. Douglas Holtz-Eakin, President, American Action Forum; and Dr. Heidi Shierholz, Senior Economist and Director of Policy, Economic Policy Institute.
Here's what else is happening in The Week Ahead:
U.S. Banking Committee Hearing on CARES Act (June 2)
Unemployment Rate (June 5)
Black Knight Forbearance Report (June 5)