Housing Starts Move Higher in June; Permits and Completions Trend Lower

On Tuesday (7-20-21), The U.S. Census Bureau reported that privately‐owned housing starts in June were at a seasonally adjusted annual rate (SAAR) of 1,643,000. This is 6.3% above the revised May rate of 1,546,000 and is 29.1% above the June 2020 rate of 1,273,000. Single-family housing starts in June were at a rate of 1,160,000; and this is 6.3% above the revised May figure. The June rate for units in buildings with five units or more was 474,000.

Building Permits are the forward-looking portion of the report and in May privately-owned housing units authorized by building permits were at a SAAR of 1,598,000. This is -5.1% below the revised May rate of 1,683,000 but is 23.3% above the June 2020 rate. Single-family authorizations in May were at a rate of 1,063,000; this is -6.3% below the revised May figure of 1,134,000. Authorizations of units in buildings with five units or more were at a rate of 483,000.

Privately‐owned housing completions in June were at a seasonally adjusted annual rate of 1,324,000. This is -1.4 % below the revised May estimate of 1,343,000, but it is 6.5% above the June 2020 rate of 1,243,000. Single‐family housing completions in June were at a rate of 902,000; this is -6.1% below the revised May rate. The June rate for units in buildings with five units or more was 416,000.