Single-family housing starts in May rose 28.5% over last year, with 708,000 starts recorded in the month compared to 551,000 units a year earlier, the government said Tuesday.
The U.S. Census Bureau and the Department of Housing and Urban Development compiled the report, which also shows housing starts down 4.8% from April’s estimate of 744,000 units.
Building permits in May rose 7.9% from 723,000 in April to 780,000 last month. From last year, building permits were up 25%.
Single-family permits also hit 494,000 in May, up 4% from April.
Meanwhile, home completions in May fell 10.3% from April to 598,000. That figure is still 10.1% above the 2011 rate of 543,000 home completions.
“For the latest month the single-family component gained 3.2% after a 4% rise in April,” Econoday analysts said. The multifamily component, which is volatile, fell 21.3%, following an 8.4% boost in April. By region, the fall in starts reflected a 20.3% decrease in the Northeast with the Midwest declining 13.3% and the South falling 6.1%. The West rose 2.6%.”
Econoday noted that housing permits improved in May which could suggest construction growth in the next several months.
Free Home Market report
The U.S. Census Bureau and the Department of Housing and Urban Development compiled the report, which also shows housing starts down 4.8% from April’s estimate of 744,000 units.
Building permits in May rose 7.9% from 723,000 in April to 780,000 last month. From last year, building permits were up 25%.
Single-family permits also hit 494,000 in May, up 4% from April.
Meanwhile, home completions in May fell 10.3% from April to 598,000. That figure is still 10.1% above the 2011 rate of 543,000 home completions.
“For the latest month the single-family component gained 3.2% after a 4% rise in April,” Econoday analysts said. The multifamily component, which is volatile, fell 21.3%, following an 8.4% boost in April. By region, the fall in starts reflected a 20.3% decrease in the Northeast with the Midwest declining 13.3% and the South falling 6.1%. The West rose 2.6%.”
Econoday noted that housing permits improved in May which could suggest construction growth in the next several months.
Free Home Market report