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Dip in Multi-Family Building Starts Pushes Housing Down 9.9% Month-to-Month in June
The U.S. Census Bureau said privately-owned housing starts in June were at a seasonally adjusted annual rate of 836,000, 9.9% below the revised May estimate of 928,000, but 10.4% above the June 2012 rate of 757,000. Single-family housing starts in June were at a rate of 591,000, 0.8% percent below the revised May figure of 596,000.
The June rate for units in buildings with five units or more was 236,000, a 26.7% decline from May. David Crowe, chief economist of the National Association of Home Builders (NAHB), Washington, D.C., said, “The large dip in multi-family production in June follows a boost of activity in May, and is consistent with the volatility that has come to characterize that sector as well as the uneven pace of the housing recovery.”
