US residential building permits fell 6.4% in May from April, 1.9% year-over year to seasonally adjusted annual rate of 991,000; housing starts fell 6.5% from April, rose 9.4% year-over-year to seasonally adjusted annual rate of 1.001 million: DOC

WASHINGTON , June 17, 2014 (press release) – The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for May 2014:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 991,000. This is 6.4 percent (±0.8%) below the revised April rate of 1,059,000 and is 1.9 percent (±1.4%) below the May 2013 estimate of 1,010,000.

Single-family authorizations in May were at a rate of 619,000; this is 3.7 percent (±1.2%) above the revised April figure of 597,000. Authorizations of units in buildings with five units or more were at a rate of 347,000 in May.

HOUSING STARTS

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,001,000. This is 6.5 percent (±10.2%)* below the revised April estimate of 1,071,000, but is 9.4 percent (±11.0%)* above the May 2013 rate of 915,000.

Single-family housing starts in May were at a rate of 625,000; this is 5.9 percent (±12.7%)* below the revised April figure of 664,000. The May rate for units in buildings with five units or more was 366,000.

HOUSING COMPLETIONS

Privately-owned housing completions in May were at a seasonally adjusted annual rate of 897,000. This is 6.8 percent (±12.7%)* above the revised April estimate of 840,000 and is 24.8 percent (±17.1%) above the May 2013 rate of 719,000.

Single-family housing completions in May were at a rate of 618,000; this is 2.1 percent (±11.4%)* above the revised April rate of 605,000. The May rate for units in buildings with five units or more was 269,000.

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