The U.S. Census Bureau and the Department of Housing and Urban Development have recently announced new residential construction statistics for May 2016. According to the data, building permits for privately-owned housing units in May were at a seasonally adjusted annual rate of 1,138,000, up 0.7 percent from the revised April rate of 1,130,000, but down 10.1 percent from the May 2015 rate of 1,266,000. Building permits for single-family housing in May were estimated at 726,000, down 2.0 percent from the revised April rate of 741,000. Building permits for units in buildings with five units or more in May were at a rate of 381,000.
Privately-owned housing starts were at an adjusted rate of 1,164,000 in May, down 0.3 percent from April’s revised estimate of 1,167,000, but up 9.5 percent from the May 2015 rate of 1,063,000. Single-family housing starts were at a rate of 764,000 in May, up 0.3 percent from the revised April rate of 762,000. Starts for units in buildings with five units or more had a May rate of 396,000.
As for housing completions, the May rate for privately-owned housing was at a seasonally adjusted annual estimate of 988,000, an increase of 5.1 percent from April’s revised rate of 940,000, but down 3.5 percent from the May 2015 estimate of 1,024,000. Single-family housing completions were at a rate of 717,000 for May, putting it 2.3 percent above April’s revised rate of 701,000. The housing completion rate for units in buildings with five units or more was at 263,000 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 2016.