Washington, DC, July 19, 2006—Housing starts were off 5.3% in June to a seasonally adjusted annual rate of 1.85 million, according to the Commerce Department.
Starts in May were revised slightly downward to 1.95 million from 1.96 million.
Economists were anticipating June starts to come in at a 1.89 million pace.
Building permits fell 4.3% to a seasonally adjusted annual rate of 1.86 million in June from 1.95 million in May.
Starts of single-family houses fell 6.5% to 1.49 million in June while starts of large apartment units rose to 306,000. Read the full government report.
Completions of homes rose 6.4% to 2.01 million in June.
Housing starts were down 11% from June 2005 levels. Building permits were off 15% year-over-year. Completions were up 2% in the past year.
Starts fell in three of four regions. Starts fell 11.5% in the West. Starts fell 4% in the South and dropped 10.2% in the West. Starts rose 3% in the Midwest.
