The U.S. Census Bureau and the Department of Housing and Urban Development have recently announced new residential construction statistics for May 2015. According to the data, building permits for privately-owned housing units in May were at a seasonally adjusted annual rate of 1,275,000, up 11.8 percent from the revised April rate of 1,140,000, and up a significant 25.4 percent from the May 2014 rate of 1,017,000. Building permits for single-family housing in May were estimated at 683,000, up 2.6 percent from the revised April rate of 666,000. Building permits for units in buildings with five units or more in May were at a rate of 557,000.
Privately-owned housing starts were at an adjusted rate of 1,036,000 in May, down 11.1 percent from April’s revised estimate of 1,165,000, but up 5.1 percent from the May 2014 rate of 986,000. Single-family housing starts were at a rate of 680,000 in May, down 5.4 percent from the revised April rate of 719,000. Starts for units in buildings with five units or more had a May rate of 349,000.
As for housing completions, the May rate for privately-owned housing was at a seasonally adjusted annual estimate of 1,034,000, an increase of 4.7 percent from April’s revised rate of 988,000, and up 14.5 percent from the May 2014 estimate of 903,000. Single-family housing completions were at a rate of 635,000 for May, putting it 5.2 percent below April’s revised rate of 670,000. The housing completion rate for units in buildings with five units or more was at 392,000 in May.
For more information, click here to read the full U.S. Census Bureau/U.S. Department of Housing & Urban Development Press Release for May 2015.