May Housing Starts Rise 3.5% From April, But Down 3.4% YoY

Financial News Network
June 16, 2011 AT 5:53 PM
Housing starts in May increased 3.5% from April's upwardly revised numbers, to a seasonally adjusted rate of 560,000.Economists had expected 547,000 starts in the month. April's housing starts were revised up to 541,000 from 523,000.Starts of single-family homes rose 3.7% to 419,000, while starts of multi-family homes increased 8.9% to 134,000.Starts rose in the South and West, but fell in the Midwest and Northeast. Single-family home starts hit a record low in the Northeast.Building permits for privately owned housing units grew 8.7% from April's 563,000-revised rate, to 612,000 in May.Housing completions grew just 0.4% from April, to an annual rate of 544,000, but are a down 22.5% from May of last year.