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Thursday, August 6, 2020
HomeNewsEconomyHousing Starts, Building Permits Gain Solidly in May Post-COVID

Housing Starts, Building Permits Gain Solidly in May Post-COVID

Engineers, construction workers wearing protective masks to prevent dust and infections working together at construction site site amid coronavirus (COVID-19) pandemic. (Photo: AdobeStock)

New Residential Construction Partially Rebounds, Further Indicates V-Shaped Recovery

Washington, D.C. (PPD) — New residential construction statistics for housing starts and building permits rose in May, despite lingering effects due to coronavirus (COVID-19). Many governments and businesses are operating on a limited capacity or have ceased operations completely.

Engineers, construction workers wearing protective masks to prevent dust and infections working together at construction site site amid coronavirus (COVID-19) pandemic. (Photo: AdobeStock)
Engineers, construction workers wearing protective masks to prevent dust and infections working together at construction site site amid coronavirus (COVID-19) pandemic. (Photo: AdobeStock)

The new residential construction statistics report below is released jointly by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD).

Building Permits

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,220,000. That’s 14.4% (±1.1%) above the revised April rate of 1,066,000, but still 8.8% (±1.0%) below the May 2019 rate of 1,338,000.

Single-family authorizations came in at a rate of 745,000, which is 11.9% (±1.9%) higher than the revised April figure of 666,000. Authorizations of units in buildings with five units or more came in at a rate of 434,000.

Housing Starts

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 974,000. That’s 4.3% (±15.5%) above the upwardly revised April estimate of 934,000, but still 23.2% (±6.2%) below the May 2019 rate of 1,268,000.

Single-family housing starts came in at a rate of 675,000, which is 0.1% (±11.9%) higher than the revised April figure of 674,000. The rate for units in buildings with five units or more was 291,000.

Housing Completions

Privately-owned housing completions in May were at a seasonally adjusted annual rate of 1,115,000. That’s 7.3% (±12.3%) below the revised April estimate of 1,203,000 and is 9.3% (±9.8%) below the May 2019 rate of 1,230,000.

Single-family housing completions came in at a rate of 791,000, which is 9.8% (±11.5%) less the revised April rate of 877,000. The rate for units in buildings with five units or more was 310,000.

Housing Market Poised to Lead V-Shape Recovery

On Tuesday, the NAHB Housing Market Index (HMI) reported builder confidence unexpectedly surged 21 points to 58 in June and housing is positioned to lead a post-pandemic recovery.

Written by
Staff Writing Group

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