U.S. residential construction climbs in May
Housing starts dip from April but trend 7.8% over 2009.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for May 2010:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 574,000. This is 5.9 percent (±2.2%) below the revised April rate of 610,000, but is 4.4 percent (±2.6%) above the May 2009 estimate of 550,000.
Single-family authorizations in May were at a rate of 438,000; this is 9.9 percent (±2.1%) below the revised April figure of 486,000.
Authorizations of units in buildings with five units or more were at a rate of 117,000 in May.
HOUSING STARTS
Privately-owned housing starts in May were at a seasonally adjusted annual rate of 593,000. This is 10.0 percent (±10.3%)* below the revised April estimate of 659,000, but is 7.8 percent (±9.7%)* above the May 2009 rate of 550,000.
Single-family housing starts in May were at a rate of 468,000; this is 17.2 percent (±7.9%) below the revised April figure of 565,000.
The May rate for units in buildings with five units or more was 112,000.
HOUSING COMPLETIONS
Privately-owned housing completions in May were at a seasonally adjusted annual rate of 687,000. This is 7.4 percent (±9.7%)* below the revised April estimate of 742,000 and is 15.4 percent (±13.2%) below the May 2009 rate of 812,000.
Single-family housing completions in May were at a rate of 507,000; this is 7.8 percent (±9.5%)* below the revised April rate of 550,000.
The May rate for units in buildings with five units or more was 175,000.
