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Statement by Acting U.S. Commerce Secretary Rebecca Blank on New Residential Construction in May 2012

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Tuesday, June 19, 2012

The Commerce Department’s U.S. Census Bureau today released new residential construction data (PDF) for May 2012. Permits for new housing units climbed 7.9 percent from April. Housing starts were down 4.8 percent from April but up 28.5 percent from May 2011.  

“Today’s data show that the housing market continues to improve. Housing permits are up 31 percent in the first 5 months of this year compared to last and housing starts are up 27 percent,” said Acting Commerce Secretary Rebecca Blank. “However, while the housing market is stabilizing, too many homes are still underwater and too many homeowners are still struggling to make ends meet. That is why it’s so important that Congress support the president’s proposals to continue boosting jobs and ensure that everyone gets a fair shot, including cutting red tape so responsible homeowners who are paying their mortgage can refinance at today’s lower rates.”