Industry News

New-home construction plummets

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Single-family housing starts and building permits dropped from May to June, the U.S. Census Bureau and U.S. Department of Housing and Urban Development reported today. And housing starts, building permits and housing completions for all privately owned housing units also declined from May to June. In May, single-family building permits were also down from April totals, as were single-family housing starts. And single-family housing completions increased from April to May. Building permits for single-family homes were at a rate of 1.51 million in June, which is 6.2 percent (with a 0.7 percent error margin) less than the May number of 1.65 million. Single-family housing starts were at 1.49 million in June, which is 9.5 percent (plus or minus 7 percent) below the May total. But single-family housing completions showed a 1.5 percent gain (with a 10.2 percent error margin) from May to June, the agencies reported. The number of building permits for privately owned housing units dipped 8.2 pe...