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Tuesday, June 16, 2015

Housing Starts Fall in May after Strong Gains in April

Housing starts in May were at a seasonally adjusted annual rate of 1.036 million, 11.1% below the revised April estimate of 1.165 million, but 5.1% above the May 2014 estimate of 986,000. Single family housing starts were at a rate of 680,000, 5.4% below the revised April rate of 719,000. Starts for multi-family units grew at a rate of 349,000, 18.5% below the revised April estimate.


Housing starts fell across all four regions, most dramatically in the Northeast, dropping 26.5% to 139,000. The West fell 12.5% to 253,000, the Midwest fell 10.2% to 149,000 and South fell 5.0% to 495,000.

Building permits were at a seasonally adjusted annual rate of 1.275 million, up 11.8% from April’s revised rate of 1.140 million, and 25.4% above the May 2014 rate of 1.017 million. Permits for single family units were at a rate of 683,000, 2.6% above April’s revised estimate of 666,000. Multi-family permits were at a rate of 557,000.

Housing completions in May were at a seasonally adjusted annual rate of 1.034 million, 4.7% above April’s revised estimate of 988,000 and 14.5% above the May 2014 rate. Single family housing completions were at a rate of 635,000, 5.2% above April’s rate, and multi-family completions were at a rate of 392,000.

Read the Census release.

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