WASHINGTON (UPI) — Privately owned housing starts and permits for new projects both dropped in June, the U.S. Department of Commerce said Wednesday.
Building starts dropped to a seasonally adjusted annual rate of 836,000, which is 10.4 percent higher than June 2012, but 9.9 percent below the revised May 2013 estimate of 928,000, the department said.
Single-family housing starts in June were little changed, at a rate of 591,000, which is less than 1 percent lower than the revised May estimate of 596,000.
The rate of housing starts for projects with five units or more came to 236,000 in June, the monthly report said.
In June, permits were issued for 911,000 building projects at a seasonally adjusted annual rate. Permits came to 7.5 percent below the revised May figure of 985,000.
Permits issued, however, were 16.1 percent above June 2012, when 785,000 permits were issued.
Housing project completions in June came to a seasonally adjusted annual rate of 755,000, which is 6.3 percent above the revised May rate of 710,000 and 20.2 percent above June 2012, the department said in a release issued jointly by the Department of Housing and Urban Development.