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June 18, 2025US HOUSING STARTS AND BUILDING PERMITS, MAY 2025 Month over month (May 2025 vs April 2025, seasonally adjusted annualized rates)
Compared to the previous month, US housing starts were down 9.8% to a seasonally adjusted annualized rate of 1,256,000 units. There were increases in single unit starts (+0.4%) and declines in multi-unit dwelling starts (-29.7%).
The number of residential building permits were down 2.0% to a seasonally adjusted annualized rate of 1,393,000 units. Permits were down for single units (-2.7%), while multiple unit permits decreased 0.8%.
Year over year ( May 2025 vs May 2024)
Compared to the same month last year, US housing starts were down 4.6%, with declines in single unit starts (-7.3%) and increases in multi-unit starts (4.1%).
Residential building permits were down 1.0% year-over-year, with decreases in single units (-6.4%) and increased for permits in multi-unit structures (10.5%).
Year-to-date (January-May 2025 vs January-May 2024)
In the first five months of 2025, US housing starts were down 1.4%, with declines in single unit starts (-6.8%) only partially offset by rising multi-unit starts (+15.5%).
Residential building permits were down 3.4% year-to-date, with decreases in both single units (-4.5%) and multi-unit structures (-1.1%).
Note: multi-unit refers to structures with 2-4 units as well as structures were more than 5 units.
Source: US Census Bureau New Residential Construction
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