Housing starts increase 6.8 percent, building permits drop 3.1 percent in May
After a 14.8-percent drop in April, home construction starts in the U.S. increased 6.8 percent in May, our sister site, Equipment World, reported.
The figures come from new U.S. Census Bureau data, which show that May’s seasonally adjusted annual rate of 914,000 home construction starts reflect a 28.6-percent improvement over May 2012.
Multi-family home construction starts jumped 25 percent to a rate of 306,000,while single-family home construction starts increased 0.3 percent to a rate of 599,000.
Despite the rise in housing starts, building permits issued in May dropped 3.1 percent to a seasonally adjusted annual rate of 914,000. However, the number of building permits has risen 20.8 percent year-over-year.
Home completions fell 0.9 percent to a seasonally adjusted annual rate of 690,000 in May, but they are still 12.6 percent higher than in May 2012.
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