by Bill McBride on 6/17/2014 08:30:00 AM
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Tuesday, June 17, 2014
From the Census Bureau: Permits, Starts and Completions
Housing Starts:Click on graph for larger image.
Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,001,000. This is 6.5 percent below the revised April estimate of 1,071,000, but is 9.4 percent 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 below the revised April figure of 664,000. The May rate for units in buildings with five units or more was 366,000.
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 below the revised April rate of 1,059,000 and is 1.9 percent 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 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.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) decreased in May (Multi-family is volatile month-to-month).
Single-family starts (blue) also decreased in May.
The second graph shows total and single unit starts since 1968.
The second graph shows the huge collapse following the housing bubble, and that housing starts have been increasing after moving sideways for about two years and a half years.
This was Below expectations of 1.036 million starts in May. Note: Starts for March and April were revised slightly. I'll have more later.
Posted by Bill McBride on 6/17/2014 08:30:00 AM