Market Updates
Housing Starts and Permits Plunged in May as Higher Interest Rates Weigh
Brian Turner
20 Jun, 2024
Washington, D.C.
Housing starts decreased 5.5% in May from the previous month to 1.277 million, building permits fell 3.8% to 1.386 million, and completions fell 8.4% to 1.65 million, according to the latest data released by the U.S. Census Bureau.
From a year ago, housing starts declined 19.3%, permits fell 9.5%, and completions rose 1.0%.
The annualized housing start rate dropped to the lowest since July 2020.
The unexpected decline in starts showed that elevated interest rates are weighing on the housing market.
Single-family starts declined 5.2% from the previous month to 982,000, and multi-unit starts declined 10.2% to 278,000.
Total seasonally adjusted building permits declined 25.3% from a year ago to 118,000 annual rate, fell 10.5% to 315,000 in the West, decreased 7.2% to 180,000 in the Midwest, and eased 6.6% to 773,000 in the South.
Total seasonally adjusted starts declined 19.8% to 77,000 in the Northeast, plunged 43.1% to 149,000, decreased 16.1% to 733,000, and fell 9.4% to 318,000.
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