Multi-family pullback drives housing starts to 5-year low in May

US housing starts tumbled in May to a five-year low, according to figures recently released by the US Census Bureau. Realtor.com suggests that builders are feeling pressured by high interest rates, rising material costs, and labor shortages, all of which are contributing to weakening sentiment.

Total housing starts stood at a seasonally adjusted annual rate (SAAR) of 1,256,000 units in May, a 10% reduction from April’s revised rate and 5% below the same month last year.

Brett Linton

Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.