US housing starts rebound

There were 532000 private housing starts in the US in May according to provisional data from the US Census Bureau. This was a +17.2% rise on the revised April figure of 454000 starts, but -45.2% lower than the May 2008 level of 971000.

The Census Bureau also reported an increase in the number building permits issued in the private residential sector in May. These stood at a seasonally adjusted 518000, up +4.0% on April, but again some -47% lower than the May 2008 figure of 978000 authorisations

The number of completions in May was put at 811000 units, down -3.3% on the revised April number of 839000 and -28.8% low than the May 2008 figure of 1.14 million.