New Housing Starts in U.S. Spike 14.6% in June, Better Than Most Analysts Expected

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It is starting to be a good summer for the U.S. homebuilder industry.

According to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), new home construction jumped up 14.6% in June.

This HUD report today comes on the heels of yesterday's positive report that home builder confidence also starting to rise.

See related WORLD PROPERTY CHANNEL news story here:

• Home Builders in U.S. Gain Market Confidence in July

Building Permits

Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 624,000. This is 2.5 percent (±1.3%) above the revised May rate of 609,000 and is 6.7 percent (±2.0%) above the June 2010 estimate of 585,000.

Single-family authorizations in June were at a rate of 407,000; this is 0.2 percent (±1.0%) above the revised May figure of 406,000. Authorizations of units in buildings with five units or more were at a rate of 198,000 in June.

Housing Start

Privately-owned housing starts in June were at a seasonally adjusted annual rate of 629,000. This is 14.6 percent (±10.9%) above the revised May estimate of 549,000 and is 16.7 percent (±11.8%) above the June 2010 rate of 539,000.

Single-family housing starts in June were at a rate of 453,000; this is 9.4 percent (±11.1%) above the revised May figure of 414,000. The June rate for units in buildings with five units or more was 170,000.

Housing Completions

Privately-owned housing completions in June were at a seasonally adjusted annual rate of 535,000. This is 1.7 percent (±12.0%) below the revised May estimate of 544,000 and is 39.3 percent (±6.6%) below the June 2010 rate of 881,000.

Single-family housing completions in June were at a rate of 436,000; this is 0.0 percent (±14.5%) equal to the revised May rate of 436,000. The June rate for units in buildings with five units or more was 89,000.

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