by Calculated Risk on 6/17/2014 08:30:00 AM
Tuesday, June 17, 2014
Housing Starts at 1.001 Million Annual Rate in May
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,001,000. This is 6.5 percent below the revised April estimate of 1,071,000, but is 9.4 percent above the May 2013 rate of 915,000.
Single-family housing starts in May were at a rate of 625,000; this is 5.9 percent below the revised April figure of 664,000. The May rate for units in buildings with five units or more was 366,000.
emphasis added
Building Permits:
Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 991,000. This is 6.4 percent below the revised April rate of 1,059,000 and is 1.9 percent below the May 2013 estimate of 1,010,000.
Single-family authorizations in May were at a rate of 619,000; this is 3.7 percent above the revised April figure of 597,000. Authorizations of units in buildings with five units or more were at a rate of 347,000 in May.
![Total Housing Starts and Single Family Housing Starts](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhS2N6ElOlXCMTL8aH90ICYKF6W0zZfyP_JQdTGuJ78Av8kSTrTDBZRpP0_LActeDEyCamGYH1HQHUlGJVxn_nW7nl7E2FLnGtnkMpGt_jlzigdEpP7p81KueEc5Ei_4yGFEsKW/s320/StartsShortMay2014.jpg)
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) decreased in May (Multi-family is volatile month-to-month).
Single-family starts (blue) also decreased in May.
The second graph shows total and single unit starts since 1968.
![Total Housing Starts and Single Family Housing Starts](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-QHsbwNLdREzxmEwZ94souB-O2utnNL48CvFhyphenhyphenEPdfYIMWfiwlNjPmFaEpCx5ljrBPJJTR2_o1VRfPVG4VQikVdEF_4I6W6Pp6mEU4yOeUyYjDXdWA-FGENcle9yrnrv1rugz/s320/StartsMay2014.jpg)
This was Below expectations of 1.036 million starts in May. Note: Starts for March and April were revised slightly. I'll have more later.