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Residential Starts Slide in June

Single-family starts drop 9.0 percent, but permits rise 2.6 percent for month.


In a hiccup influenced by factors from slow-flowing cash and global uncertainties to a growing scarcity of qualified construction workers, residential housing stumbled in June. The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following residential construction statistics for the month:

BUILDING PERMITS
Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 963,000. This is 4.2 percent (±1.5%) below the revised May rate of 1,005,000, but is 2.7 percent (±1.8%) above the June 2013 estimate of 938,000.

Single-family authorizations in June were at a rate of 631,000; this is 2.6 percent (±1.4%) above the revised May figure of 615,000. Authorizations of units in buildings with five units or more were at a rate of 301,000 in June.

HOUSING STARTS
Privately-owned housing starts in June were at a seasonally adjusted annual rate of 893,000. This is 9.3 percent (±10.3%)* below the revised May estimate of 985,000, but is 7.5 percent (±14.4%)* above the June 2013 rate of 831,000.

Single-family housing starts in June were at a rate of 575,000; this is 9.0 percent (±10.1%)* below the revised May figure of 632,000. The June rate for units in buildings with five units or more was 305,000.

HOUSING COMPLETIONS
Privately-owned housing completions in June were at a seasonally adjusted annual rate of 789,000. This is 12.0 percent (±8.3%) below the revised May estimate of 897,000, but is 3.4 percent (±11.6%)* above the June 2013 rate of 763,000.

Single-family housing completions in June were at a rate of 586,000; this is 6.5 percent (±9.4%)* below the revised May rate of 627,000. The June rate for units in buildings with five units or more was 198,000.

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