2012 Mid-Year Housing and Economic Report
Posted By Carolyn on July 20, 2012
The Eames at Mills of Miami
Housing Starts Fall in May, but Permits Surge
•U.S. builders started work on new homes in May at a slightly slower pace, but permits for future construction jumped to the highest level in nearly four years.
•Housing starts fell 4.8% last month to an annual rate of 708,000, but work began on 516,000 one-family houses, up 3.2 percent from April and the most this year. A slump in construction of apartments, which is often volatile, led to the unexpected drop in total housing starts.
•Total starts are up 55% from the bottom start rate, and single family starts are up 41% from the low.
•Building permits, a gauge of future construction, jumped 7.9 percent to a 780,000 annual rate, reflecting gains in single-family and multifamily homes.
•New construction fell in all regions last month except the West, where housing starts increased 14.4%. Starts dropped by 20.3% in the Northeast, by 13.3% in the Midwest and by 6.1% in the South.
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