Housing Bubble

Housing starts and building permits show strong gains

July 17, 2003

Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,803,000 according to estimates reported today by the U.S. Commerce Department's Census Bureau. This is 3.7 percent above the revised May estimate of 1,738,000 and is 5.5 percent above the June 2002 rate of 1,709,000.

Single-family housing starts in June 2003 were at a rate of 1,462,000; this is 5.3 percent above the May figure of 1,388,000. The June estimate for units in buildings with five units or more was 312,000.

Building permits

Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,817,000. This is 0.8 percent above the revised May rate of 1,803,000 and is 4.1 percent above the June 2002 estimate of 1,746,000.

Permits for single-family homes in June were at a rate of 1,421,000; this is 5.3 percent above the May figure of 1,349,000. Authorizations of units in buildings with five units or more were at a rate of 323,000 in June.

Housing completions

Privately-owned housing completions in June were at a seasonally adjusted annual rate of 1,673,000, according to estimates released jointly today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. This is 4.0 percent below the revised May estimate of 1,743,000, but is 5.2 percent above the June 2002 rate of 1,591,000.

Source: US Census Bureau