May Housing Starts Fall Year-Over-Year
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for May 2006:
Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,932,000. This is 2.1 percent (ﾱ1.2%) below the revised April rate of 1,973,000 and is 8.5 percent (ﾱ1.1%) below the revised May 2005 estimate of 2,111,000.
Single-family authorizations in May were at a rate of 1,466,000; this is 2.1 percent (ﾱ1.0%) below the April figure of 1,497,000. Authorizations of units in buildings with five units or more were at a rate of 383,000 in May.