Building Permits Fall to Nearly 4-Year Low

In May, building permits fell to their lowest level since June 2020. In the latest report by the Census Bureau, building permits were at a seasonally adjusted annual rate of 1.386 million, falling short of the forecasted rate of 1.450 million. This marks a 3.8% decrease from April and a 9.5% decline compared to one year ago.

Here is the opening of this month's report:

Privately‐owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,386,000. This is 3.8 percent below the revised April rate of 1,440,000 and is 9.5 percent below the May 2023 rate of 1,532,000. Single‐family authorizations in May were at a rate of 949,000; this is 2.9 percent below the revised April figure of 977,000. Authorizations of units in buildings with five units or more were at a rate of 382,000 in May.