Housing Starts Move Higher in May; Housing Permits and Housing Completions Move Lower

The U.S. Census Bureau has reported that privately‐owned housing starts in May were at a seasonally adjusted annual rate (SAAR) of 1,572,000. This is 3.6% above the revised April rate of 1,517,000 and is 50.3% above the May 2020 rate of 1,046,000. Single-family housing starts in May were at a rate of 1,098,000 — 4.2% above the revised April figure. The May rate for units in buildings with five units or more was 465,000.

Building Permits are the forward-looking portion of the report, and in May privately-owned housing units authorized by building permits were at a SAAR of 1,681,000. This is -3.0% below the revised April rate of 1,733,000 but is 34.9% above the May 2020 rate. Single-family authorizations in May were at a rate of 1,130,000 — -1.6% below the revised April figure of 1,148,000. Authorizations of units in buildings with five units or more were at a rate of 494,000.

Privately‐owned housing completions in May were at a seasonally adjusted annual rate of 1,368,000. This is -4.1% below the revised April estimate of 1,426,000, but is 16.1% above the May 2020 rate. Single‐family housing completions in May were at a rate of 978,000; this is -2.6 % below the revised April rate of 1,004,000. The May rate for units in buildings with five units or more was 387,000.