New Residential Housing Starts Up 3.6% in May
The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for May new residential housing starts. The latest reading of 1.572M was below the Investing.com forecast of 1.630M and a 3.6% increase from the previous month's 1.517M.
Here is the opening of this morning's monthly report, including a note on revisions:
Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,572,000. This is 3.6 percent (±10.3 percent)* above the revised April estimate of 1,517,000 and is 50.3 percent (±15.1 percent) above the May 2020 rate of 1,046,000. Single‐family housing starts in May were at a rate of 1,098,000; this is 4.2 percent (±9.2 percent)* above the revised April figure of 1,054,000. The May rate for units in buildings with five units or more was 465,000. [link to report]
Here is the historical series for total privately-owned housing starts, which dates from 1959. Because of the extreme volatility of the monthly data points, a 6-month moving average has been included.