Housing Starts Fell 5.5% in May, Completions Rose 5.6%

Washington, DC, June 16, 2017-Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,092,000, 5.5% below the revised April estimate of 1,156,000 and is 2.4% below the May 2016 rate of 1,119,000, according to the Commerce Department.

Single-family housing starts in May were at a rate of 794,000; this is 3.9% below the revised April figure of 826,000. The May rate for units in buildings with five units or more was 284,000.

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,168,000. This is 4.9% below the revised April rate of 1,228,000 and is 0.8% below the May 2016 rate of 1,178,000. Single-family authorizations in May were at a rate of 779,000; this is 1.9% below the revised April figure of 794,000. Authorizations of units in buildings with five units or more were at a rate of 358,000 in May.

Privately-owned housing completions in May were at a seasonally adjusted annual rate of 1,164,000. This is 5.6% above the revised April estimate of 1,102,000 and is 14.6% above the May 2016 rate of 1,016,000. Single-family housing completions in May were at a rate of 817,000; this is 4.9% above the revised April rate of 779,000. The May rate for units in buildings with five units or more was 335,000.