Single-Family Housing Starts See Double-Digit Increase in May to 997,000

According to the latest U.S. Census Bureau data, single‐family housing starts in May were at a rate of 997,000, +18.5% above the revised April 2023 figure of 841,000. “The May housing starts data and our latest builder confidence survey both point to a bottom forming for single-family residential construction earlier this year,” said Robert Dietz, chief economist, National Association of Home Builders, in the press release.“There have been some improvements to the supply-chain, although challenges persist for items like electrical transformers and lot availability. However, due to weakness at the start of the year, single-family housing starts are still down -24% on a year-to-date basis.”

Click here to download U.S. housing starts and building permits by Metropolitan Statistical Area