Housing starts and housing completions
were both up in June according to new residential construction data released
this morning by the U.S. Census Bureau and the Department of Housing and Urban
Development. Single family building permits
also rose slightly from May levels but residential permits overall declined.
Permits for all privately-owned housing
units were issued in June at a seasonally adjusted annual rate of 755,000, a
3.7 percent drop from the upwardly revised May rate of 784,000. May permits were originally estimated at 780,000.
The June number is 19.3 percent higher
than the 633,000 permits issued in June 2011.
Single-family construction permits were
issued at a rate of 493,000, 0.6 percent above May which was revised downward from
494,000 to 490,000. Permits for
construction in buildings with five units or more were at a rate of 241,000
down from 272,000 in May.
Privately owned housing starts in June
were at a seasonally adjusted annual rate of 760,000, a 6.9 percent increase
over May's estimate of 711,000 and 23.6 percent higher than one year
earlier. May's estimate was revised upward
from 708,000. Single family starts increased
4.7 percent from a May figure of 515,000 (revised down from 516,000). In June there were 213,000 units for which
construction was started in buildings with five or more units compared to
182,000 in May.
There were 622,000 housing units (on a
seasonally adjusted annual basis) completed in June, up 2.6 percent from the
revised May estimate of 606,000 (from 598,000) and 7.2 percent higher than the
June 2011 rate of 580,000. There were
470,000 single family units completed, up 1.3 percent from May and 134,000
units completed in multi-unit buildings.
In the Northeast the rate of permitting
was unchanged from May at 78,000 but this was an annual increase of 9.9
percent. Housing starts were at a rate
of 77,000, up 22.2 percent from the 63,000 rate estimated in May and an annual
increase of 42.1 percent.
Permitting was down slightly in the Midwest
to 118,000, an -0.8 percent change, but still up 16.8 percent from one year
earlier. Starts were at a rate of
101,000, down 7.3 percent from 109,000 in May and 19.8 percent lower than one
In the South permitting was at an annual
pace of 379,000 units, down 8.0 percent month-over-month but up 17.3 percent in
The West had a permitting rate of
180,000, up 2.9 percent from 175,000 in May, and 30.4 percent higher than a
At the end of June there were 88,000
permits outstanding, 41,500 of them for units in multi-family dwellings. Over 45,000 of the permits for which
construction had not yet started were located in the South. Also at the end of the period there were
482,000 units under construction, 256,000 of which were single family