Declines uneven across regions; multi-family sheds most
Housing starts in May fell 5.5% from April to a seasonally adjusted annual rate of 1,092,000, 2.4% behind the pace of May, 2016, the Commerce Department reported Friday. Building permits also fell in May, dropping 4.9% from April to a rate of 1,168,000, 0.8% below the May 2016 rate.
Single-family housing starts in May were at a rate of 794,000, 3.9% below April but 8.5% above the rate of May, 2016. The May rate for units in buildings with five units or more was 284,000, down 9.8% from April and down 25.7% from a year earlier. Single-family permits fell 1.9% to a rate of 779,000 but remained 6% ahead of the May 2016 pace.