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Housing starts increase 6.8 percent, building permits drop 3.1 percent in May

Posted By Amanda Bayhi On June 19, 2013 @ 3:53 pm In Aggbeat Online,News | No Comments

newhome [1]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 [2].

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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URL to article: http://www.aggman.com/housing-starts-increase-6-8-percent-building-permits-drop-3-1-percent-in-may/

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[1] Image: http://www.aggman.com/files/2013/06/newhome.jpg

[2] Equipment World, reported: http://www.equipmentworld.com/home-construction-starts-up-6-8-in-may/

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