It's truly a good-news-bad news situation for the home construction industry.
The Commerce Department reports builders broke ground on privately-owned homes in June at a seasonally adjusted annual rate of 1,189,000. While that's 4.8% above the May figure, it's down 2.0% from the same period a year earlier.
Construction of single-family houses rose 4.4% from May to a rate of 778,000 and 13.4% from June 2015. The rate for units in buildings with five units or more was 392,000, up 1.6% for the month, but suffered a year-over-year plunge of 23.6%.
Building permits, an indicator of what developers are planning in the months ahead, were issued at a seasonally adjusted annual rate of 1,153,000 -- up 1.5% from May, but down 13.6% on a year-over-year basis.
Authorizations for future construction of single-family homes were at a rate of 738,000 in June, a gain of 1.0% from May and 5.1% from a year earlier.
Permits for units in buildings with five units or more posted a month-over-month advance of 1.9% to 384,000, but plunged 35.8% from June 2015.
The complete report is available on the Commerce Department website.