U.S. Census Bureau: Monthly New Residential Construction, May 2024

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 2024:

Building Permits

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,386,000. This is 3.8 percent below the revised April rate of 1,440,000 and is 9.5 percent below the May 2023 rate of 1,532,000. Single-family authorizations in May were at a rate of 949,000; this is 2.9 percent below the revised April figure of 977,000. Authorizations of units in buildings with five units or more were at a rate of 382,000 in May.

Housing Starts

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,277,000. This is 5.5 percent (±9.4 percent)* below the revised April estimate of 1,352,000 and is 19.3 percent (±10.0 percent) below the May 2023 rate of 1,583,000. Single-family housing starts in May were at a rate of 982,000; this is 5.2 percent (±9.9 percent)* below the revised April figure of 1,036,000. The May rate for units in buildings with five units or more was 278,000.

Housing Completions

Privately-owned housing completions in May were at a seasonally adjusted annual rate of 1,514,000. This is 8.4 percent (±9.8 percent)* below the revised April estimate of 1,652,000, but is 1.0 percent (±10.6 percent)* above the May 2023 rate of 1,499,000. Single-family housing completions in May were at a rate of 1,027,000; this is 8.5 percent (±10.1 percent)* below the revised April rate of 1,122,000. The May rate for units in buildings with five units or more was 479,000.

For the full press release click here.

The June report is scheduled for release on July 17, 2024.  View the full schedule in the Economic Briefing Room: <www.census.gov/economic-indicators/>.  The full text and tables for this release can be found at <www.census.gov/construction/nrc/>.

Source: U.S. Census Bureau