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June 20, 2024US HOUSING STARTS AND BUILDING PERMITS, MAY 2024 Month over month (May 2024 vs April 2024, seasonally adjusted annualized rates)
Compared to April 2024, US housing starts were down 5.5% to a seasonally adjusted annualized rate of 1,277,000 units. There were decreases in single unit starts (-5.2), and decreases in multi-unit starts (-10.3%).
The number of residential building permits decreased 3.8% to a seasonally adjusted annualized rate of 1,386,000 units. Permits were down for single units (-2.9%), down for structures with 2-4 units (-1.8%), and down for multi-unit structures with more than 5 units (-6.1%).
Year over year (May 2024 vs May 2023, seasonally adjusted annualized rates)
Compared to May 2023, US housing for starts were down 19.3%, with decreases in single unit starts (-1.7%) and starts for structures with 5 or more units were down (-51.7%).
Residential building permits were down 9.5%, with increases in single units (+3.4%), down in structures with 2-4 units (-3.5%) and down in structures with 5 or more units (-31.4%).
Year-to-date (January-May 2024 vs January-May 2023, seasonally adjusted annualized rates)
Compared to January-May 2023, US housing for starts were down 2.9%, with increases in single unit starts (+19.4%), and down for multi-unit starts (-39.9%).
Residential building permits were down 2.3%, with increases in single units (+17.9%), decreases in structures with 2-4 units (-4.6%) and declines in structures with 5 or more units (-30.0%).
Source: US Census Bureau New Residential Construction, retrieved from Federal Reserve Bank of St. Louis
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