Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 612,000, up 8.7 percent (±1.5 percent) over April 2011, the US Census Bureau and the Department of Housing and Urban Development jointly announced Thursday. Building permits issued in May were also 5.2 percent (±2.4 percent) above May 2010.
Housing starts rose in May as well, totaling 560,000-3.5 percent (±12.4 percent) above the revised April estimate of 541,000. However, compared to May 2010, housing starts fell 3.4 percent (±8.7 percent).