Housing Production Holds Steady in May
Nationwide housing starts were virtually unchanged in May, inching down 0.3 percent to a seasonally adjusted annual rate of 1.16 million, according to data released June 17, 2016, from the U.S. Department of Housing and Urban Development and the Commerce Department. Overall permit issuance edged up 0.7 percent to a seasonally adjusted annual rate of 1.14 million.
Single-family housing starts inched up 0.3 percent to a seasonally adjusted annual rate of 764,000 units in May while multifamily production edged down 1.2 percent to 400,000 units.
Combined single- and multifamily starts were mixed in May, rising 14.4 percent in the West and 1.5 percent in the South. The Midwest posted a 2.5 percent loss and the Northeast registered a 33.3 percent loss. However, single-family production rose in three out of the four regions: the Northeast, South and West.
Single-family permits fell 2 percent to a rate of 726,000 while multifamily permits rose 5.9 percent to 412,000.
Permit issuance increased 15.3 percent in the West. Meanwhile, the South, Northeast and Midwest posted respective losses of 1.4 percent, 7.8 percent and 9.2 percent.