HVAC Breaking News

June 19, 2003: Housing Starts Rise In May

WASHINGTON — Housing starts in May increased to a seasonally adjusted annual rate of 1.73 million units, up 6.1 percent from the previous month, the U.S. Department of Commerce reported.

"After some weather-related delays in April, builders were able to pick up the pace of new construction in May," commented Kent Conine, president of the National Association of Home Builders (NAHB). "However, unusually wet weather in much of the East and parts of the Midwest and West likely still kept some construction in check last month, and we could see that activity carry over for additional solid gains in June's report."

Home builders boosted the pace of single-family housing construction 1.5 percent in May to a seasonally adjusted annual rate of 1.38 million units. Meanwhile, multifamily starts, which traditionally show significant month-to-month volatility, rose 29.2 percent in May to a 354,000-unit rate. In both sectors, the year-to-date construction total is running above last year's pace.

Regionally, starts rose in the Midwest, South, and West in May by 14, 7.4, and 0.7 percent, respectively. Only the Northeast posted a decline, of 1.3 percent, which experts say is weather-related.

Issuance of building permits was up 3.7 percent to a seasonally adjusted annual rate of 1.79 million units — the strongest pace since last December. Single-family permits rose 0.3 percent to a rate of 1.34 million units, while multifamily permits rose 15.3 percent to a rate of 452,000 units.

"NAHB is still projecting 1.7 million housing starts for all of 2003, which is on par with last year's excellent performance," said David Seiders, chief economist of the NAHB. "The single-family market actually is on track to slightly exceed 2002, while the multifamily component should be off only modestly."

Publication date: 06/16/2003

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

Recent Articles by Greg Mazurkiewicz

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2015 HARDI Fly-In

Highlights from HARDI's Congressional Fly-In in Washington, D.C.

Podcasts

NEWSMakers: Clint Schreck

Clint Schreck, general manager, Columbus Worthington Air, Columbus, Ohio, discusses winning Angie’s List Super Service Award, how to handle online reviews, and much more.

More Podcasts

ACHRNEWS

NEWS 05-25-15 cover

2015 May 25

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

HYDROCARBON REFRIGERANTS

The EPA has approved several hydrocarbon (HC) refrigerants for HVACR applications. Do you support the use of HCs?
View Results Poll Archive

HVACR INDUSTRY STORE

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con