New Housing Starts Decline 10% in May

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According to the U.S. Census Bureau and the Department of Housing and Urban Development's jointly announced new residential construction statistics for May 2010, 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.

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.

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.

 

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