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June 16, 2021US HOUSING STARTS AND BUILDING PERMITS, MAY 2021 With May reference month results, year-over-year (May 2021 vs May 2020) and year-to-date (Jan-May 21 vs Jan-May 20) are showing rebounds in economic activity from the unprecedented declines observed at the start of the COVID-19 pandemic.
BUILDING PERMITS
According to the US Census Bureau and the US Department of Housing and Urban Development, residential building permits declined 3.0% from the revised April estimate of 1,733,000 permits to a seasonally adjusted rate of 1,681,000 permits in May 2021.
US residential building permits increased 34.9% over the same month last year, when permits dropped due to the onset of the pandemic. Permits increased for all structure types, as permits for single unit structures increased 50.1%, those with 2 to 4 units increased 29.5%, and permits for structures with 5 units or more increased 10.0%.
In the first five months of 2021, residential permits were up 30.0%, with increases for single unit structures (+36.5%), those with 2 to 4 units (+24.1%) and structures with 5 or more units (+18.0%).
HOUSING STARTS
In May 2021, US housing starts increased 3.6% compared to the revised April estimate of 1,517,000, to a seasonally adjusted annualized rate of 1,572,000 units.
US housing starts increased 50.3% over May 2020, when housing starts dropped due to the onset of the pandemic. Starts for single unit structures were up 49.8% and starts for structures with 5 or more units rose 52.5%.
Year to date, US housing starts are up 22.5% compared to Jan-May 2020, with increased starts for single unit (+28.9%) and structures with 5 or more units (+8.9%).
Source:
US Census Bureau New Residential Construction
US Census Bureau - retrieved from FRED, Federal Reserve Bank of St. Louis. Monthly data
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