US: Housing starts increase by 5% in May to 1,350,000

"Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,350,000," the monthly report published jointly by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development read. 

Key takeaways

• This is 5.0 percent above the revised April estimate of 1,286,000 and is 20.3 percent above the May 2017 rate of 1,122,000.
• Single-family housing starts in May were at a rate of 936,000; this is 3.9 percent above the revised April figure of 901,000. 
• Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,301,000.
  • This is 4.6 percent (±1.4 percent) below the revised April rate of 1,364,000, but is 8.0 percent above the May 2017 rate of 1,205,000. 
• Privately-owned housing completions in May were at a seasonally adjusted annual rate of 1,291,000.
  • This is 1.9 percent above the revised April estimate of 1,267,000 and is 10.4 percent above the May 2017 rate of 1,169,000.