Single-Family Housing Starts Jump 7.5% in May

---

(News Source: U.S. Census Bureau & HUD)

(WASHINGTON, D.C.) -- The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for May 2009:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 518,000. This is 4.0 percent (±1.7%) above the revised April rate of 498,000, but is 47.0 percent (±2.1%) below the May 2008 estimate of 978,000. Single-family authorizations in May were at a rate of 408,000; this is 7.9 percent (±1.5%) above the revised April figure of 378,000. Authorizations of units in buildings with five units or more were at a rate of 92,000 in May.

HOUSING STARTS

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 532,000. This is 17.2 percent (±14.4%) above the revised April estimate of 454,000, but is 45.2 percent (±5.8%) below the May 2008 rate of 971,000. Single-family housing starts in May were at a rate of 401,000; this is 7.5 percent (±14.2%) above the revised April figure of 373,000. The May rate for units in buildings with five units or more was 124,000.

HOUSING COMPLETIONS

Privately-owned housing completions in May were at a seasonally adjusted annual rate of 811,000. This is 3.3 percent (±20.6%) below the revised April estimate of 839,000 and is 28.8 percent (±11.1%) below the May 2008 rate of 1,139,000. Single-family housing completions in May were at a rate of 491,000; this is 9.4 percent (±13.8%) below the revised April figure of 542,000. The May rate for units in buildings with five units or more was 314,000.

---