Residential building starts rose 4% in May to a seasonally adjusted annual rate of $257.2 billion. Single-family starts rose 2%, while multifamily starts gained 10% over the month.
The largest multifamily structure to break ground in May was the $180 million 545 Vanderbilt Avenue mixed-use development in Brooklyn, N.Y. Also starting was the $150 million 354 N Union apartment tower in Chicago and the $150 million Ripley II – Solaire 8200 Dixon Luxury Apartments in Silver Spring, Md.
Through the first five months of 2020 residential construction starts were down 3% versus the same time period in 2019. Single family starts were flat, while multifamily starts were down 12% through five months. For the 12 months ending in May, total residential starts were 1% higher than in the 12 months ending May 2019. Single family starts were up 3%, while multifamily building starts were down 2%.
