Housing Starts Rose 20.3% YOY in May

Washington, DC, June 19, 2018-Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,350,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced. This is 5.0% above the revised April estimate of 1,286,000 and is 20.3% above the May 2017 rate of 1,122,000. Single-family housing starts in May were at a rate of 936,000; this is 3.9% above the revised April figure of 901,000. The May rate for units in buildings with five units or more was 404,000.

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,301,000. This is 4.6% below the revised April rate of 1,364,000, but is 8.0% above the May 2017 rate of 1,205,000. Single-family authorizations in May were at a rate of 844,000; this is 2.2% below the revised April figure of 863,000. Authorizations of units in buildings with five units or more were at a rate of 421,000 in May.

Privately-owned housing completions in May were at a seasonally adjusted annual rate of 1,291,000. This is 1.9% above the revised April estimate of 1,267,000 and is 10.4% above the May 2017 rate of 1,169,000. Single-family housing completions in May were at a rate of 890,000; this is 11.0% above the revised April rate of 802,000. The May rate for units in buildings with five units or more was 389,000.