Construction equipment was not on the move as much in May, according to a recent report released by the U.S. Census Bureau and the Department of Housing and Urban Development.
According to the two government agencies, the number of single-family homes that were started during the month declined at an annual rate of 17.2 percent when compared to April. Building permits for this type of construction also declined 9.9 percent during that time.
Housing completions also dropped in May, falling 7.8 percent when compared to the fourth month of the year.
One reason for the decline could be the end of the government's tax credit for first-time and repeat homebuyers. The purpose of the initiative was to encourage recovery in the housing market, and many experts agreed that it increased home sales.
However, with the credit now over, a drop-off in consumer interest has been seen across the country. In fact, the National Association of Home Builders noted recently that confidence among those who use construction equipment for a living dropped in June.