Housing Starts Trend Lower in July; Permits and Completions Increase

The U.S. Census Bureau has reported that privately‐owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,534,000. This is -7.0% below the revised June rate of 1,650,000 but is 2.5% above the July 2020 rate of 1,497,000. Single-family housing starts in July were at a rate of 1,111,000; and this is -4.5% below the revised June figure. The July rate for units in buildings with five units or more was 412,000.

Building permits are the forward-looking portion of the report, and in July privately-owned housing units authorized by permits were at a SAAR of 1,635,000. This is 2.6% above the revised June rate of 1,594,000 and is 6.0% above the July 2020 rate. Single-family authorizations in July were at a rate of 1,048,000; this is -1.7% below the revised June figure of 1,066,000. Authorizations of units in buildings with five units or more were at a rate of 532,000.

Privately‐owned housing completions in July were at a seasonally adjusted annual rate of 1,391,000. This is 5.6% above the revised June estimate of 1,317,000 and is 3.8% above the July 2020 rate. Single‐family housing completions in July were at a rate of 954,000; this is 3.6% above the revised June rate of 921,000. The July rate for units in buildings with five units or more was 426,000.