Tuesday, June 17, 2014

Housing Starts Cling to its 1 Million Unit Pace in May

Housing starts decreased to an annualized pace of 1.001 million units in May. The decline was led by multi-family construction, but single-family starts also posted a decline. May’s rate dropped 6.5% from the month prior, which was expected following April’s large increase. The pace of new construction is now 8.92% higher than a year ago.

Both multi- and single-family starts dropped, falling by 7.6% and 5.9%, respectively. Multi-family starts grew at an annual pace of 376,000 units, while single-family starts grew at an annual pace of 625,000 units.

Single-family housing permits improved 3.7%, show some revival in that market, although Multi-family housing permits dropped 19.5%.

Read the Census report.

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