Housing permits rise 34.9% in May

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According to the US Census Bureau and the US Department of Housing and Urban Development, privately owned housing units approved by building permits were valued at a seasonally adjusted annual rate of 1,681,000 in May. This is 34.9% above the May 2020 rate of 1,246,000 but 3% below the April revised rate of 1,733,000.

In May, single-family home approvals were 1,130,000; this is 1.6% below the revised April figure of 1,148,000. Unit registrations in buildings with five or more units were 494,000 units in May.

Privately owned residential construction was at a seasonally adjusted annual rate of 1,572,000 in May. This is 50.3% above the May 2020 rate of 1,046,000 and 3.6% above the April revised estimate of 1,517,000. In May, the number of single-family home construction starts was 1,098,000; this is 4.2% above the revised April figure of 1,054,000. The May rate for units in buildings with five or more units was 465,000.

In May, a seasonally adjusted 1,368,000 private apartments were completed. This is 16.1% above the May 2020 rate of 1,178,000 and 4.1% below the April revised estimate of 1,426,000. 978,000 single-family homes were completed in May; this is 2.6% below the revised April rate of 1,004,000. The May rate for units in buildings with five or more units was 387,000.



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