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Housing Starts Increase In May, Far Ahead Of One Year Ago

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U.S. housing starts bounced back in May following a dip in April. Housing starts (single-family and multi-family combined) came in at a seasonally adjusted annual rate of 1.572 million, a 3.6% increase over April and 50% above May 2020 when housing was still feeling the pandemic.

Single-family starts in May were at a rate of 1.098 million, a 4.2% increase over April and 50% over May a year ago. Multi-family in May was 465,000, up 4% from April and 53% over May 2020.

Housing building permits were at a seasonally adjusted annual rate of 1.681 million in May, 3% below April and 35% above May 2020. Single-family permits were at a rate of 1.13 million, down 1.6% from April. Multi-family permits in May were 494,000, down 7.7% from April.

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