Industry News

Housing starts, permits drop in June

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The rate of privately owned housing starts dropped about 5.3 percent in June compared to May and fell about 11 percent compared to June 2005, the U.S. Census Bureau and Department of Housing and Urban Development announced today. Single-family housing starts dropped about 6.5 percent from May to June to a seasonally adjusted annual rate of about 1.49 million, a decline of about 13.8 percent compared to the June 2005 rate. The June rate for units in buildings with five units or more was 306,000. For the first six months of 2006, the seasonally adjusted annual rate of housing starts dropped about 3.1 percent compared to the first six months of 2005. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, accounting for seasonal fluctuations in construction activity. Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of about 1.86 million, which represents a 4.3 percent drop compared to Ma...