US Housing Starts and Permits Decline in May 2022; Completions Trend Higher

The US Census Bureau reported on Thursday (6-16-22) that privately‐owned housing starts in May were at a seasonally adjusted annual rate (SAAR) of 1,549,000; this is -14.4% below the revised April estimate of 1,810,000 and is -3.5% below the May 2021 rate of 1,605,000. Single-family housing starts in May were at a rate of 1,051,000; this is -9.2% below the revised April figure of 1,157,000. The May rate for units in buildings with five units or more was 469,000.

Building permits are the forward-looking portion of the report. In May, privately-owned housing units authorized by building permits were at a SAAR of 1,695,000; this is -7.0% below the revised April rate of 1,823,000 but is 0.2% above the May 2021 rate of 1,691,000. Single-family authorizations in May were at a rate of 1,048,000; this is -5.5% below the revised April figure of 1,109,000. Authorizations of units in buildings with five units or more in May were at a rate of 592,000.

Privately‐owned housing completions in May were at a SAAR of 1,465,000; this is 9.1% above the revised April estimate of 1,343,000 and is 9.3% above the May 2021 rate of 1,340,000. Single‐family housing completions in May were at a rate of 1,043,000; this is 2.8% above the revised April rate of 1,015,000. The May rate for units in buildings with five units or more was 417,000.