May housing starts come in below consensus, building permits decline

Building Permits
Privately‐owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,681,000. This is 3.0 percent (±1.4 percent) below the revised April rate of 1,733,000, but is 34.9 percent (±2.4 percent) above the May 2020 rate of 1,246,000. Single‐family authorizations in May were at a rate of 1,130,000; this is 1.6 percent (±0.9 percent) below the revised April figure of 1,148,000. Authorizations of units in buildings with five units or more were at a rate of 494,000 in May.

Housing Starts
Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,572,000. This is 3.6 percent (±10.3 percent) above the revised April estimate of 1,517,000 and is 50.3 percent (±15.1 percent) above the May 2020 rate of 1,046,000. Single‐family housing starts in May were at a rate of 1,098,000; this is 4.2 percent (±9.2 percent)* above the revised April figure of 1,054,000. The May rate for units in buildings with five units or more was 465,000.

Housing Completions
Privately‐owned housing completions in May were at a seasonally adjusted annual rate of 1,368,000. This is 4.1 percent (±9.8 percent) below the revised April estimate of 1,426,000, but is 16.1 percent (±10.9 percent) above the May 2020 rate of 1,178,000. Single‐family housing completions in May were at a rate of 978,000; this is 2.6 percent (±7.9 percent) below the revised April rate of 1,004,000. The May rate for units in buildings with five units or more was 387,000.