U.S. housing permits and starts rebound in May
Permits surge 14.4 percent over April as starts advance 4.3 percent for month.
But we aren't out of the woods yet. The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for May 2020:
Building Permits
Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,220,000. This is 14.4 percent (±1.1 percent) above the revised April rate of 1,066,000, but is 8.8 percent (±1.0 percent) below the May 2019 rate of 1,338,000.
Single-family authorizations in May were at a rate of 745,000; this is 11.9 percent (±1.9 percent) above the revised April figure of 666,000. Authorizations of units in buildings with five units or more were at a rate of 434,000 in May.
Housing Starts
Privately-owned housing starts in May were at a seasonally adjusted annual rate of 974,000. This is 4.3 percent (±15.5 percent)* above the revised April estimate of 934,000, but is 23.2 percent (±6.2 percent) below the May 2019 rate of 1,268,000.
Single-family housing starts in May were at a rate of 675,000; this is 0.1 percent (±11.9 percent)* above the revised April figure of 674,000. The May rate for units in buildings with five units or more was 291,000.
Housing Completions
Privately-owned housing completions in May were at a seasonally adjusted annual rate of 1,115,000. This is 7.3 percent (±12.3 percent)* below the revised April estimate of 1,203,000 and is 9.3 percent (±9.8 percent)* below the May 2019 rate of 1,230,000.
Single-family housing completions in May were at a rate of 791,000; this is 9.8 percent (±11.5 percent)* below the revised April rate of 877,000. The May rate for units in buildings with five units or more was 310,000.
CONTRACTOR SUPPLY MAGAZINE
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