WASHINGTON, DC – June 18, 2013 – (RealEstateRama) — The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau today announced the following new residential construction statistics for May 2013:
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.
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.
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.
In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take 2 months to establish an underlying trend for building permit authorizations, 4 months for total starts, and 6 months for total completions. The statistics in this release are estimated from sample surveys and are subject to sampling variability as well as non-sampling error including bias and variance from response, non-reporting, and undercoverage. Estimated relative standard errors of the most recent data are shown in the tables. Whenever a statement such as “2.5 percent (3.2%) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percent change is likely to have occurred. All ranges given for percent changes are 90-percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percent changes shown in the tables. On average, the preliminary seasonally adjusted estimates of total building permits, housing starts and housing completions are revised about three percent or less. Explanations of confidence intervals and sampling variability can be found on our web site listed above.
* 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.
New Residential Construction data for June 2013 will be released on Wednesday, July 17, 2013, at 8:30 A.M. EDT. at http://www.census.gov/starts. To receive the latest updates on the Nation’s key economic indicators, download the America’s Economy app for Apple and Android smartphones and tablets.
HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the
need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build
inclusive and sustainable communities free from discrimination; and transform the way HUD does business.
More information about HUD and its programs is available on the Internet at www.hud.gov and
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Office of Public Affairs
U.S. Census Bureau
Raemeka Mayo or Stephen Cooper
Manufacturing and Construction Division