Housing starts up nearly 30 percent for second straight month in May

Housing starts continued their upward climb from 2011 totals in May, showing a 28.5 percent increase from the same time last year, according to data released today by the U.S. Census Bureau and the Department of Housing and Urban Development. Month to month, the seasonally adjusted rate of 708,000 starts marked a 4.8 percent decline from April 2012.

Multifamily starts increased by a slightly higher margin than single-family year-over-year, posting growth of 31.6 percent and 26.2 percent, respectively.

Total starts increased across all four regions for the second straight month. The South came out on top, demonstrating 39.5 percent growth from last May. The West was next at 27.5 percent, followed by the Midwest (11 percent) and Northeast (10.5 percent).

Building permits

Permit authorizations recorded a seasonally adjusted annual rate of 780,000 in May 2012, a 25 percent increase from May 2011. The new rate marked a 7.9 percent increase from the previous month. Single-family authorizations were 4 percent above April’s numbers.

Housing completions

The seasonally adjusted rate of housing completions in May grew 10.1 percent from last year, reaching 598,000. Simultaneously, this number is a 10.3 percent decrease from the revised April estimate. Single-family completions were down 6.3 percent month-over-month.

To read the rest of the Census Bureau report, click here.