The U.S. Department of Commerce said privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,092,000, -5.5% below the revised April estimate of 1,156,000 and -2.4% below the May 2016 rate of 1,119,000. Single-family housing starts in May were at a rate of 794,000, -3.9% below the revised April figure of 826,000.
The National Association of Home Builders (NAHB), Washington, D.C., said, “Multi-family starts dropped again in May for a fifth consecutive month of decline. Five-plus unit multi-family starts fell 10% to a 284,000 seasonally adjusted annual rate. NAHB is forecasting that multi-family development will decline in 2017, although leveling off at elevated levels.”