US Housing Starts and Permits Rise but Completions Fall in July

The US Census Bureau on Wednesday (8-16-23) reported that privately‐owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,452,000. This is 3.9% above the revised June estimate of 1,398,000 and 5.9% above the July 2022 rate of 1,371,000. Single-family housing starts in July were at a rate of 983,000; this is 6.7% above the revised June figure of 921,000. The rate for units in buildings with five units or more was 460,000.

Building permits are the forward-looking portion of the report, and in July, privately-owned housing units authorized by building permits were at a SAAR of 1,442,000. This is 0.1% above the revised June rate of 1,441,000 but 13.0% below the July 2022 rate of 1,658,000. Single-family authorizations in July were at a rate of 930,000; this is 0.6% above the revised June figure of 924,000. Authorizations of units in buildings with five units or more were at a rate of 464,000.

Privately‐owned housing completions in July were at a SAAR of 1,321,000. This is 11.8% below the revised June estimate of 1,498,000 and 5.4% below the July 2022 rate of 1,396,000. Single‐family housing completions in July were at a rate of 1,018,000; this is 1.3% above the revised June rate of 1,005,000. The rate for units in buildings with five units or more was 297,000.