Housing Starts Jump 26.6%, Building Permits 30% Year-Over-Year In June

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By Erin Carlyle

Groundbreakings on new homes surged 26.6% and permits to build new homes rose 30% in June compared to one year ago, the U.S. Commerce Department said Friday. Housing starts (groundbreakings) and permits each reached eight-year highs, with both metrics rising on the strength of multi-family housing.

Housing starts stood at a seasonally adjusted, annual rate of 1.174 million in June. That’s 9.8% higher than the revised May estimate of 1.069 million, and significantly up from June 2014′s rate of 927,000. Single-family housing starts in June were at a (seasonally adjusted, annual) rate of 685,000, down 0.9% from May’s revised figure of 691,000. Starts on buildings with five or more units shot up by 28.6% in June, to a (seasonally adjusted, annual) rate of 476,000.

 Permitting for June reached a (seasonally adjusted, annual) rate of 1.343 million, the highest level for the nation since July 2007, when the (seasonally adjusted, annual) pace stood at 1.361 million. June permitting was 30% higher than a year earlier, when the estimate was 1.033 million. The June level was 7.4% higher than May’s 1.25 million. As with housing starts, much of the increase in permitting came via multi-family projects: permits for buildings with five or more units hit 621,000 in June, up 16% compared to May, while permits for single-family homes rose just 0.9% at 687,000 in June compared to May’s 681,000.
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