Residential construction improves in June

Posted by Amrock

A joint report from the U.S. Census Bureau and the Department of Housing and Urban Development showed that new residential construction improved during the month of June.

Building permits authorizing privately-owned homes increased by 2.5 percent in June to a total adjusted annual rate of 624,000. This is compared to May's figure of 609,000, and was also 6.7 percent higher than June 2010's 585,000.

In addition, single-family authorizations also climbed, albeit slightly. June's figure of 407,000 was 0.2 percent above May's 406,000. Authorizations of multiple-unit buildings during June were reported at 198,000.

Housing starts for privately-owned homes increased a total of 14.6 percent during the month of June. The adjusted annual rate for June was 629,000, compared to May's figure of 549,000. Starts also were 16.7 percent above the year-over-year figure of 539,000. Single-family housing starts also increased in June, up 9.4 percent compared to May's figures. June's rate was 453,000, while it was 414,000 in May. The rate for buildings with five or more units was 170,000.

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