Privately‐owned housing starts in the United States observed a monthly expansion of 21.7% in May to reach a 13-month high at 1,631,000, significantly above expectations, the Census Bureau revealed in its report published on Tuesday. The figure jumped 5.7% above the May 2022 rate.
Single-family housing starts added 18.5% to reach 997,000 in May versus April. Housing units authorized by building permits rose by 5.2% to 1,491,000, however remaining 12.7% below their last year's levels. Single‐family authorizations increased by 4.8% month-over-month to 897,000.
Housing completions stood 9.5% higher versus April's levels at 1,518,000, with single-family completions up by 3.9% to 1,009,000.
