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

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Wednesday, July 18, 2012

The Commerce Department's U.S. Census Bureau today released June 2012 data on new residential construction (PDF). Housing starts in June 2012 were at a seasonally adjusted annual rate of 760,000, up 6.9 percent from May’s revised estimate and up 23.6 percent from June 2011. Starts of multifamily structures increased 12.8 percent, and single-family starts rose 4.7 percent. Building permits for the month were at a seasonally adjusted annual rate of 755,000, down 3.7 percent from the revised May rate but up 19.3 percent from one year earlier.  

“In June, new home starts hit their highest level since October 2008, and housing permits are up 29 percent in the first six months of this year compared to last,” said Acting U.S. 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. While there are no quick fixes, there are things Congress can do right now to create jobs, including passing President Obama’s proposals to cut red tape so responsible homeowners who are paying their mortgage can refinance at today’s lower rates.”