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Forwarded this email? Subscribe here for moreHousing Starts Decreased Sharply to 1.177 million Annual Rate in MayLowest ...
06/16/2026

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Housing Starts Decreased Sharply to 1.177 million Annual Rate in May
Lowest total starts annual rate since May 2020 (at the start of pandemic).
CalculatedRisk by Bill McBride
Jun 16

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The Census Bureau is now caught up on housing starts.

From the Census Bureau: Permits, Starts and Completions

Housing Starts:
Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,177,000. This is 15.4 percent below the revised April estimate of 1,392,000 and is 8.7 percent below the May 2025 rate of 1,289,000. Single-family housing starts in May were at a rate of 882,000; this is 1.9 percent below the revised April figure of 899,000. The May rate for units in buildings with five units or more was 284,000.

Building Permits:
Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,413,000. This is 0.7 percent below the revised April rate of 1,423,000 and is 0.2 percent below the May 2025 rate of 1,416,000. Single-family authorizations in May were at a rate of 886,000; this is 0.6 percent above the revised April figure of 881,000. Authorizations of units in buildings with five units or more were at a rate of 474,000 in May.
emphasis added

The first graph shows single and multi-family housing starts since 2000 (including housing bubble).

Multi-family starts (blue, 2+ units) decreased sharply month-over-month in May. Multi-family starts were down 14% year-over-year. Single-family starts (red) decreased in May and were down 6.7% year-over-year.

The second graph shows single and multi-family starts since 1968.

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