Housing starts fell to a seasonally adjusted annual rate of 1.164 million in May, 0.3% below the revised April estimate of 1.167 million, but 9.5% above the May 2015 rate. Housing starts have remained above the 1.0 million rate for 14 consecutive months.
Housing activity was mixed across regions in May. Starts fell 33.3% in the Northeast and 2.5% in the Midwest, but rose 1.5% in the South and 14.4% in the West.
New building permits rose during the month, rising 0.7% above April’s rate to 1.138 million. New permits, however, declined year-over-year, falling 10.1% below the May 2015 rate.
Housing completions rose in May to a seasonally adjusted annual rate of 0.988 million, 5.1% above April’s rate but down 3.5% from a year ago.
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