June Housing Construction Up

NEW RESIDENTIAL CONSTRUCTION IN JUNE 2008

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential
construction statistics for June 2008:

BUILDING PERMITS
Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,091,000. This is 11.6 percent (±1.2%) above the revised May rate of 978,000, but is 23.9 percent (±1.3%) below the revised June 2007 estimate of 1,433,000.
Single-family authorizations in June were at a rate of 613,000; this is 3.5 percent (±1.4%) below the May figure of 635,000. Authorizations of units in buildings with five units or more were at a rate of 446,000 in June.

HOUSING STARTS
Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,066,000. This is 9.1 percent (±10.3%)* above the revised May estimate of 977,000, but is 26.9 percent (±5.9%) below the revised June 2007 rate of 1,458,000.
Single-family housing starts in June were at a rate of 647,000; this is 5.3 percent (±9.6%)* below the May figure of 683,000. The June rate for units in buildings with five units or more was 400,000.

HOUSING COMPLETIONS
Privately-owned housing completions in June were at a seasonally adjusted annual rate of 1,167,000. This is 1.2 percent (±11.9%)* above the revised May estimate of 1,153,000, but is 21.7 percent (±8.0%) below the revised June 2007 rate of 1,491,000. Single-family housing completions in June were at a rate of 859,000; this is 2.9 percent (±10.9%)* below the May figure of 885,000. The June rate for units in buildings with five units or more was 289,000.