Housing Completions Down More Than 7 Percent in May

Single-family housing completions in May were at a rate of 507,000; this is 7.8 percent (plus or minus 9.5 percent)* below the revised April rate of 550,000. The May rate for units in buildings with five units or more was 175,000.

Privately-owned housing completions in May were at a seasonally adjusted annual rate of 687,000. This is 7.4 percent (plus or minus 9.7 percent)* below the revised April estimate of 742,000.

From May 2009 to May 2010 housing completions declined 15.4 percent, with an increase of 2.4 percent for single units and decrease of 42.8 percent for 5 units or more. The Northeast was the region that fared the best with a total increase of 19.5 percent and an increase of 21.2 percent for single units.

The South was the worst region with an overall decrease of 29.5 percent and decrease of 3.5 percent for single units.

- Courtesy of Economics & Statistics Administration