• Building Permits, Housing Starts, and Housing Completions Up From April

    On Tuesday, 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 2023:

     Building Permits

    • Privately‐owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,491,000.
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    • This is 5.2% above the revised April rate of 1,417,000.
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    • This is 12.7% below the May 2022 rate of 1,708,000.
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    • Single‐family authorizations in May were at a rate of 897,000.
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    • This is 4.8% above the revised April figure of 856,000.
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    • Authorizations of units in buildings with five units or more were at a rate of 542,000 in May.

    Housing Starts

    • Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000.
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    • This is 21.7% above the revised April estimate of 1,340,000.
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    • This is 5.7% above the May 2022 rate of 1,543,000.
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    • Single‐family housing starts in May were at a rate of 997,000
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    • This is 18.5% above the revised April figure of 841,000.
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    • The May rate for units in buildings with five units or more was 624,000.

    Housing Completions

    • Privately‐owned housing completions in May were at a seasonally adjusted annual rate of 1,518,000.
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    • This is 9.5% above the revised April estimate of 1,386,000.
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    • This is 5.0% above the May 2022 rate of 1,446,000.
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    • Single‐family housing completions in May were at a rate of 1,009,000; this is 3.9% above the revised April rate of 971,000.
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    • The May rate for units in buildings with five units or more was 493,000.

    Sources: nfib.com