by Calculated Risk June 20, 2024 8:32 AM
From the Census Bureau: Permit, Start, Complete
Housing starts:
The number of private housing starts in May Seasonally adjusted annually: 1,277,000This is 5.5 percent lower than April’s revised estimate of 1,352,000 and 19.3 percent lower than the 1,583,000 for May 2023. Single-family housing starts in May were 982,000, 5.2 percent lower than April’s revised estimate of 1,036,000. The May rate for buildings with five or more units was 278,000.Building Permits:
The number of private housing units permitted to build in May was 1.386 million, a seasonally adjusted annual rate. This is 3.8% lower than the revised April figure of 1.44 million and 9.5% lower than the May 2023 figure of 1.532 million. Permits for single-family homes in May were 949,000, 2.9% lower than the revised April figure of 977,000. Permits for buildings with five or more units were 382,000 in May.
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The first chart shows construction starts since 2000 for single-family homes and multifamily housing.
Multifamily housing starts (blue, two or more units) declined in May compared to April. Apartment building starts down 49.5% year-on-year.
Single-family housing starts (red) fell in May, down 1.7% from a year earlier.
The second chart shows construction starts since 1968 for single-family homes and multifamily housing.
This is indicative of the housing bubble followed by a massive collapse and subsequent recovery, and the more recent collapse and recovery in single-family housing starts.
Total housing starts in May fell short of expectations, but, March and April starts were revised upwards together.
We’ll let you know more later…
