Housing Bubble

Housing starts and building permits rise

June 17, 2003

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,732,000 according to estimates reported today by the U.S. Commerce Department's Census Bureau. This is 6.1 percent above the revised April estimate of 1,632,000, but is 1.1 percent below the May 2002 rate of 1,752,000.

Single-family housing starts in May 2003 were at a rate of 1,378,000; this is 1.5 percent above the April figure of 1,358,000. The May estimate for units in buildings with five units or more was 328,000.

Building permits

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,788,000. This is 3.7 percent above the revised April rate of 1,724,000 and is 3.9 percent above the May 2002 estimate of 1,721,000.

Single-family authorizations in May were at a rate of 1,336,000; this is 0.3 percent above the April figure of 1,332,000. Authorizations of units in buildings with five units or more were at a rate of 366,000 in May.

Housing completions

Privately-owned housing completions in May were at a seasonally adjusted annual rate of 1,784,000, according to estimates released jointly today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. This is 4.5 percent above the revised April estimate of 1,707,000 and is 4.1 percent above the May 2002 rate of 1,713,000.

Source: US Census Bureau