Housing starts in June came in 8.3% ahead of May at a seasonally adjusted annual rate of 1,215,000, 2.1% above the June 2016 rate of 1,190,000, the Census Bureau reported Wednesday. Single-family starts were up 6.3% to a rate of 849,000, 10.3% ahead of last June.
Building permits in June were up sharply as well, posting a 7.4% gain to a seasonally adjusted annual rate of 1,254,000, 5.1% above the June 2016 rate of 1,193,000. Single-family authorizations in June were at a rate of 811,000; up 4.1% from the revised May figure of 779,000.
Privately-owned housing completions in June were at a seasonally adjusted annual rate of 1,203,000, 5.2% above the revised May estimate of 1,144,000 and is 8.1% above the June 2016 rate of 1,113,000. Single-family housing completions in June were largely flat (+0.4%) at a rate of 798,000.
Multi-family starts jumped 15.4% in June from May to a pace of 359,000 but were 10.7% behind last year's pace.
The jump in multi-family appeared based on the data to be concentrated in the Northeast and Midwest, where total starts were up 83.7% and 22%, respectively. Single-family units were up a more modest 9.3% in the Northeast and down 3.6% in the Midwest, with the South posting a 7.2% increase from May and the West jumping 10.6%.
Conversely, multi-family permits in the Northeast dragged total permits down 13.9% from May to June while single-family permits were up 11.5%. Multi-family permits boosted the totals in the Midwest, South and West, which came in up 19.7%, 6.9% and 9.9% respectively. Single-family permits rose 11.1% in the Midwest and a more modest 1.8% and 3.3% in the South and West respectively.
