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NEW RESIDENTIAL CONSTRUCTION IN MAY 2012

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for May 2012:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 780,000. This is 7.9 percent (±1.0%) above the revised April rate of 723,000 and is 25.0 percent (±1.5%) above the May 2011 estimate of 624,000.

Single-family authorizations in May were at a rate of 494,000; this is 4.0 percent (±0.8%) above the revised April figure of 475,000. Authorizations of units in buildings with five units or more were at a rate of 266,000 in May.

HOUSING STARTS

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 708,000. This is 4.8 percent (±12.7%)* below the revised April estimate of 744,000, but is 28.5 percent (±10.7%) above the May 2011 rate of 551,000.

Single-family housing starts in May were at a rate of 516,000; this is 3.2 percent (±12.5%)* above the revised April figure of 500,000. The May rate for units in buildings with five units or more was 179,000.

HOUSING COMPLETIONS

Privately-owned housing completions in May were at a seasonally adjusted annual rate of 598,000. This is 10.3 percent (±13.2%)* below the revised April estimate of 667,000, but is 10.1 percent (±14.0%)* above the May 2011 rate of 543,000.

Single-family housing completions in May were at a rate of 458,000; this is 6.3 percent (±13.2%)* below the revised April rate of 489,000. The May rate for units in buildings with five units or more was 130,000.