U.S. Census Bureau: Monthly New Residential Construction, May 2020

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for May 2020:

 

Building Permits

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,220,000. This is 14.4 percent (±1.1 percent) above the revised April rate of 1,066,000, but is 8.8 percent (±1.0 percent) below the May 2019 rate of 1,338,000. Single-family authorizations in May were at a rate of 745,000; this is 11.9 percent (±1.9 percent) above the revised April figure of 666,000. Authorizations of units in buildings with five units or more were at a rate of 434,000 in May.

Housing Starts

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 974,000. This is 4.3 percent (±15.5 percent)* above the revised April estimate of 934,000, but is 23.2 percent (±6.2 percent below the May 2019 rate of 1,268,000. Single-family housing starts in May were at a rate of 675,000; this is 0.1 percent (±11.9 percent)* above the revised April figure of 674,000. The May rate for units in buildings with five units or more was 291,000.

Housing Completions

Privately-owned housing completions in May were at a seasonally adjusted annual rate of 1,115,000. This is 7.3 percent (±12.3 percent)* below the revised April estimate of 1,203,000 and is 9.3 percent (±9.8 percent)* below the May 2019 rate of 1,230,000. Single-family housing completions in May were at a rate of 791,000; this is 9.8 percent (±11.5 percent)* below the revised April rate of 877,000. The May rate for units in buildings with five units or more was 310,000.

The June report is scheduled for release on July 17, 2020. View the full schedule in the Economic Briefing Room: https://www.census.gov/economic-indicators/. The full text and tables for this release can be found at https://www.census.gov/construction/nrc/index.html.

Statement Regarding COVID-19 Impact

Due to recent events surrounding COVID-19, many governments and businesses are operating on a limited capacity or have ceased operations completely. The Census Bureau has monitored response and data quality and determined estimates in this release meet publication standards. For more information on the compilation of this month’s report, see COVID-19 FAQ.

For the full May report, click here.

Source: U.S. Census Bureau