New Home Construction Starts Dip in U.S., Building Permits Uptick in May

---

According to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), May was a mixed-bag of economic indicators for the U.S. homebuilding industry.

Housing Starts

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 708,000.  This is 4.8 percent (±12.7%) below the revised April estimate of 744,000, but is 28.5 percent (±10.7%) above the May 2011 rate of 551,000.

Single-family housing starts in May were at a rate of 516,000; this is 3.2 percent (±12.5%) above the revised April figure of 500,000.

The May rate for units in buildings with five units or more was 179,000.

Building Permits

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 780,000.  This is 7.9 percent (±1.0%) above the revised April rate of 723,000 and is 25.0 percent (±1.5%) above the May 2011 estimate of 624,000.


Single-family authorizations in May were at a rate of 494,000; this is 4.0 percent (±0.8%) above the revised April figure of 475,000.

Authorizations of units in buildings with five units or more were at a rate of 266,000 in May.


Housing Completions


Privately-owned housing completions in May were at a seasonally adjusted annual rate of 598,000.  This is 10.3 percent (±13.2%) below the revised April estimate of 667,000, but is 10.1 percent (±14.0%) above the May 2011 rate of 543,000.


Single-family housing completions in May were at a rate of 458,000; this is 6.3 percent (±13.2%) below the revised April rate of 489,000. The May rate for units in buildings with five units or more was 130,000.