The value of permits in the residential sector has been on a downward trend since September 2007. Residential intentions fell 6.6% to $3.7 billion in May, the result of a considerable decrease in the value of multi-family permits.
The value of building permits in the non-residential sector increased by 12.8% in May, with gains in all three components, following a 27.8% increase in April. The trend for non-residential construction intentions edged up in the previous six months, as a result of growth in the commercial component.
A strong decline in the value of permits for multiple-family dwellings brought down intentions in the residential sector in May. The value of multiple-family permits fell 15.5% to $1.5 billion, after rising 31.4% in April. Even so, May's level was 6.2% higher than the average monthly level registered in 2007. Municipalities approved 11,040 multiple-family units, down 7.9%.
After two month of declines, the value of single-family permits edged up 0.5% in May to $2.2 billion. The number of single-family units authorized declined 2.3% to 8,116, the lowest since May 2001.
The overall number of residential units approved has been on a downward trend since the summer of 2007.
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