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HOUSING COMPLETIONS
SUMMARY OF FINDINGS
Privately owned housing completions in May were at a seasonally adjusted annual rate of 1,372,000, according to estimates released jointly today by the U.S. Commerce Department's Bureau of the Census and the U.S. Department of Housing and Urban Development. This is 6 (+/—7) percent below the revised April rate of 1,467,000 and 3 (+/—7) percent below the May 1996 estimate of 1,409,000.
The May 1997 rate of single- family housing completions was 1,083,000; this is 7 (+/—7) percent below the revised April rate of 1,162,000. The May rate for units in buildings with five units or more was 248,000. The May rate for units in buildings with two to four units was 41,000.
During the first 5 months of this year, 531,600 housing units were completed compared with 510,000 units for the same period in 1996. This is an increase of 4 (+/—3) percent.
At the end of May, the seasonally adjusted estimate of housing units under construction was 816,000; this is virtually unchanged (+/—1 percent) from the revised April figure of 815,000. Of these, 565,000 units were single-family structures, 226,000 were in buildings with five units or more, and 25,000 were in buildings with two to four units.
May 1997
(Units in 1000s)
Completed Total by Type Units 1 2-4 5+ May 97(p) 1,372 1,083 41 248 May 96 1,409 1,124 25 260 Completed by Location Northeast Midwest South West May 97(p) 83 179 351 203 May 96 90 180 353 203
July 3, 1997 U.S. Department of Commerce
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