MISS: Housing Starts Climb To Just 914,000 In May

May Housing starts missed at 914,000.

Consensus was for 950,000, against 853,000 for April.

Still, we're way up from last year's 806,000 figure for May.

Building permits also fell to 974,000 versus 975,000 — down from 101,700 prior.

Here's the full release:

NEW RESIDENTIAL CONSTRUCTION IN MAY 2013

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for May 2013:

BUILDING PERMITS
Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 974,000. This is 3.1  percent (±0.9%) below the revised April rate of 1,005,000, but is 20.8 percent (±1.3%) above the May 2012 estimate of 806,000.

Single-family authorizations in May were at a rate of 622,000; this is 1.3 percent (±1.1%) above the revised April figure of 614,000.

Authorizations of units in buildings with five units or more were at a rate of 325,000 in May.

HOUSING STARTS

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 914,000. This is 6.8 percent (±10.1%)* above the revised April estimate of 856,000 and is 28.6 percent (±14.4%) above the May 2012 rate of 711,000.

Single-family housing starts in May were at a rate of 599,000; this is 0.3 percent (±8.7%)* above the revised April figure of 597,000.

The May rate for units in buildings with five units or more was 306,000.

HOUSING COMPLETIONS

Privately-owned housing completions in May were at a seasonally adjusted annual rate of 690,000. This is 0.9 percent (±13.4%)* below the revised April estimate of 696,000, but is 12.6 percent (±13.7%)* above the May 2012 rate of 613,000.

Single-family housing completions in May were at a rate of 546,000; this is 4.2 percent (±13.9%)* above the revised April rate of 524,000. The May rate for units in buildings with five units or more was 135,000.

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