Tuesday, June 18, 2013

Housing Starts Improved Moderately in May

Housing starts increased 6.8% in May to an annualized pace of 914,000 units, from a revised April figure of 865,000 units and 28.6% above year ago levels.

May’s gain was driven by multi-family starts, which rose to a pace of 315,000 units annually, a 21.6% from the previous month. Single family starts saw a 0.3% increase, rising to a pace of 599,000 units per month. Single family starts are 29% above year ago levels.

Permit issuance fell 3.1% in May, due to the10% drop in multifamily permits.

Despite the strong improvement in the past year, housing starts remain well below their 50-year average of 1.5 million units.

Read the Census report.

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