by Risk calculated on 08/16/2022 08:38:00
From the Census Bureau: Permits, Starts and Completions
Private housing starts in July were at a seasonally adjusted annual rate of 1,446,000. That’s 9.6% below the revised June estimate of 1,599,000 and 8.1% below the July 2021 rate of 1,573,000. Single-family housing starts in July stood at 916,000; that’s 10.1% below the revised June figure of 1,019,000. The July rate for units in buildings with five or more units was 514,000.
Private housing units cleared by building permits in July were at a seasonally adjusted annual rate of 1,674,000. That’s 1.3% below June’s revised rate of 1,696,000, but 1.1% above. above July 2021 rate of 1,655,000. Single-family clearances in July were 928,000; this is 4.3% below the revised June figure of 970,000. Housing clearances in buildings with five or more units stood at 693,000 in July.
Click on the graphic to enlarge the image.
The first chart shows single-family and multi-family housing starts over the past few years.
Multi-family housing starts (blue units, 2+) fell in July compared to June. Multi-family housing starts rose 18.0% year over year in July.
Single-family housing starts (red) fell in July and were down 18.5% year-over-year.
The second chart shows single-family and multi-family housing starts since 1968.
This shows the huge collapse that followed the housing bubble and then the eventual recovery.
The total number of housing starts in July was below expectations, however, housing starts in May and June were revised slightly higher, combined.
I’ll have more later…