U.S. housing starts declined to a seasonally adjusted annual rate of 1,256,000 units in May 2025, down 9.8% from April’s revised estimate of 1,392,000. Compared to May 2024, the rate is 4.6% lower. Single-family starts rose slightly by 0.4% to 924,000, while starts in buildings with five units or more fell to 316,000, according to new data from the U.S. Census Bureau and the Department of Housing and Urban Development.
Building permits were issued at an annual rate of 1,393,000 in May, down 2.0% from April and 1.0% lower than a year earlier. Permits for single-family homes declined 2.7% to 898,000, while permits for buildings with five units or more reached 444,000.
Completions rose to 1,526,000 units, up 5.4% from April’s 1,448,000 but 2.2% below the May 2024 rate of 1,561,000. Single-family completions rose 8.1% to 1,027,000 units, and completions of buildings with five or more units stood at 487,000.
Units authorized but not started increased by 2.2% to 282,000. Meanwhile, the number of housing units under construction declined 1.4% from the previous month to 1,375,000.
