By ~ calculated risk 8:30:00 AM, August 16, 2024
From the Census Bureau: Permit, Start and Completion
Housing starts:
Private housing construction starts in July Seasonally adjusted annual rate of 1,238,000. This is 6.8% below the June revised estimate of 1,329,000 and 16.0% below the July 2023 estimate of 1,473,000. Single-family housing starts in July were 851,000, 14.1% below the June revised estimate of 991,000. The July start rate for units in buildings with five or more units was 363,000.Building Permit:
Permits for building permits issued in July were a seasonally adjusted annual rate of 1,396,000, down 4.0% from the June revised rate of 1,454,000 and down 7.0% from the July 2023 rate of 1,501,000. Permits for single-family homes were 938,000 in July, down 0.1% from the June revised rate of 939,000. Permits for buildings with five or more units were 408,000 in July.
Emphasis added
Click on the graph to view a larger image.
The first graph shows single-family and multifamily housing starts since 2000.
Multifamily housing starts (blue, 2 or more) increased in July compared to June. Multifamily housing starts down 18.3% year-over-year.
Single-family home starts in July (red) were down 14.8% year-over-year.
The second graph shows single-family and multifamily housing starts since 1968.
It shows the massive crash and subsequent recovery following the housing bubble, and the recent crash and recovery of single-family homes.
Total housing starts in July were lower than expected. The start of May and June was revised downwards. It was a very weak report.
I’ll tell you more later…
