Multi-family Homes Approved But Not Started: Backlog Grows

United States of America –Multi-family home data from the U.S. Census released today show some good news but some concerning data in it’s May housing numbers as well.  “New Privately‐Owned Housing Units Authorized, but Not Started, at End of Period“ in table 2a shows a consistent aggregated accumulation of a growing continued backlog of new multifamily construction projects involving more than 5 units.

May 2022 New Home Construction Report From The U.S. Census

Permits Issued For Construction In May 2022

In May, the seasonally adjusted annual rate of privately owned housing units authorized by building permits was 1,695,000. This is 7.0% lower than the revised April rate of 1,823,000, but 0.2 percent higher than the May 2021 rate of 1,691,000.

Singlefamily authorizations were 1,048,000 in May, 5.5 percent lower than the revised April figure of 1,109,000.

In May, there were 592,000 authorizations for units in buildings with five or more units.

 

Housing Starts In May 2022

In May, the seasonally adjusted annual rate of privately owned housing starts was 1,549,000. This is 14.4 percent (8.9 percent) less than the revised April estimate of 1,810,000 and 3.5 percent (10.7%) less than the May 2021 rate of 1,605,000.

In May, single family housing starts totaled 1,051,000, a 9.2 percent (11.0 percent)* decrease from the revised April figure of 1,157,000.

The rate in May for units in buildings with five or more units was 469,000.

 

Housing Completions

Privately‐owned housing completions in May were at a seasonally adjusted annual rate of 1,465,000. This is 9.1 percent (±22.6 percent)* above the revised April estimate of 1,343,000 and is 9.3 percent (±19.0 percent)* above the May 2021 rate of 1,340,000.

Single‐family housing completions in May were at a rate of 1,043,000; this is 2.8 percent (±13.6 percent)* above the revised April rate of 1,015,000.

The May rate for units in buildings with five units or more was 417,000