Residential permits and starts rise 11 percent in May
Privately owned starts rise 11.1 percent but single family starts and completions dip 5 percent for month.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for May 2015:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,275,000. This is 11.8 percent (±1.8%) above the revised April rate of 1,140,000 and is 25.4 percent (±2.1%) above the May 2014 estimate of 1,017,000.
Single-family authorizations in May were at a rate of 683,000; this is 2.6 percent (±1.2%) above the revised April figure of 666,000. Authorizations of units in buildings with five units or more were at a rate of 557,000 in May.
HOUSING STARTS
Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,036,000. This is 11.1 percent (±10.4%) below the revised April estimate of 1,165,000, but is 5.1 percent (±11.2%)* above the May 2014 rate of 986,000.
Single-family housing starts in May were at a rate of 680,000; this is 5.4 percent (±7.0%)* below the revised April figure of 719,000. The May rate for units in buildings with five units or more was 349,000.
HOUSING COMPLETIONS
Privately-owned housing completions in May were at a seasonally adjusted annual rate of 1,034,000. This is 4.7 percent (±13.8%)* above the revised April estimate of 988,000 and is 14.5 percent (±14.4%) above the May 2014 rate of 903,000.
Single-family housing completions in May were at a rate of 635,000; this is 5.2 percent (±11.4%)* below the revised April rate of 670,000. The May rate for units in buildings with five units or more was 392,000.
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