Housing Starts and Building Permits Decline While Completions Increase in July 2022

The US Census Bureau reported on Tuesday (8-16-22) that privately‐owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,446,000. This is 9.6% below the revised June estimate of 1,599,000 and is 8.1% below the July 2021 rate of 1,573,000. Single-family housing starts in July were at a rate of 916,000; this is 10.1% below the revised June figure of 1,019,000. The July rate for units in buildings with five units or more was 514,000.

Building permits are the forward-looking portion of the report. In July, privately-owned housing units authorized by building permits were at a SAAR of 1,674,000; this is 1.3% below the revised June rate of 1,696,000 but is 1.1% above the July 2021 rate of 1,655,000. Single-family authorizations in July were at a rate of 928,000; this is 4.3% below the revised June figure of 970,000. Authorizations of units in buildings with five units or more were at a rate of 693,000.

Privately‐owned housing completions in July were at a seasonally adjusted annual rate of 1,424,000; this is 1.1% above the revised June estimate of 1,409,000 and is 3.5% above the July 2021 rate of 1,376,000. Single‐family housing completions in July were at a rate of 1,009,000; this is 0.8% below the revised June rate of 1,017,000. The July rate for units in buildings with five units or more was 412,000.