US Housing Starts, Permits, and Completions Decline in May

On Tuesday, the US Census Bureau reported that privately owned housing starts were at a seasonally adjusted annual rate (SAAR) of 1,177,000 in May, a 15.4% decline from April’s revised 1,392,000 and 8.7% below the May 2025 level of 1,289,000. Single-family starts were 882,000, a 1.9% decline from April. The rate for units in buildings with five units or more was 284,000.

Building permits, a forward-looking measure, were at a rate of 1,413,000 in May, down 0.7% from April and 0.2% below the May 2025 level of 1,416,000. Single-family authorizations were 886,000, a 0.6% increase from April. Authorizations of units in buildings with five units or more were at a rate of 474,000.

Housing completions were at a rate of 1,313,000 in May, 8.1% below April’s revised 1,429,000 and 14.2% below the May 2025 level of 1,530,000. Single-family completions were 872,000, a 1.6% decrease from April. The rate for units in buildings with five units or more was 426,000.