Housing Starts Push Higher, While Building Permits and Completions Trended Lower, in August 2022

The US Census Bureau reported on Tuesday (9-20-22) that privately‐owned housing starts in August were at a seasonally adjusted annual rate (SAAR) of 1,575,000; this is 12.2% above the revised July estimate of 1,404,000 but 0.1% below the August 2021 rate of 1,576,000. Single-family housing starts in August were at a rate of 935,000; this is 3.4% above the revised July figure of 904,00. The rate for units in buildings with five units or more was 621,000.

Building permits are the forward-looking portion of the report. In August, privately-owned housing units authorized by building permits were at a SAAR of 1,517,000; this is 10.0% below the revised July rate of 1,685,000 and 14.4% below the August 2021 rate of 1,772,000. Single-family authorizations were at a rate of 899,000; this is 3.5% below the revised July figure of 932,000. Authorizations of units in buildings with five units or more were at a rate of 571,000.

Privately‐owned housing completions in August were at a seasonally adjusted annual rate of 1,342,000; this is 5.4% below the revised July estimate of 1,419,000 but 3.1% above the August 2021 rate of 1,302,000. Single‐family housing completions in August were at a rate of 1,017,000; this is 0.4% above the revised July rate of 1,013,000. The rate for units in buildings with five units or more was 318,000.