US housing starts, permits, and completions saw an increase in May

Posted on June 23, 2023   |  

In May, housing starts grew by 21.7% to 1,631,000 seasonally adjusted annual rate (SAAR) compared to the revised April estimate of 1,340,000 and 5.7% above May 2022. 

Single-family housing starts grew by 18.5% to 997,000 compared to the revised April figure of 841,000. 

Building permits are the forward-looking portion of the report, and 

In May, privately-owned housing units authorized by building permits grew by 5.2% to 1,491,000 SAAR. 

Single-family authorizations grew by 4.8% to 897,000 which is above the revised April figure of 856,000.

Privately‐owned housing completions grew by 9.5% to 1,518,000 SAAR, compared to the revised April estimate of 1,386,000 and 5.0% higher than May 2022.

Single‐family housing completions grew by 3.9% to 1,009,000 compared to the revised April rate of 971,000.