US Housing Starts, Building Permits, and Completions All Rise in June

On Wednesday, the US Census Bureau reported that privately‐owned housing starts were at a seasonally adjusted annual rate (SAAR) of 1,353,000 in June. This is 3.0% above the revised May estimate of 1,314,000 but 4.4% below the June 2023 rate of 1,415,000. Single-family housing starts were at a rate of 980,000; this is 2.2% below the revised May figure of 1,002,000. The rate for units in buildings with five units or more was 360,000.

Building permits are the forward-looking portion of the report, and privately-owned housing units authorized by building permits were at a SAAR of 1,466,000 in June. This is 3.4% above the revised May rate of 1,399,000 but 3.1% below the June 2023 rate of 1,493,000. Single-family authorizations were at a rate of 934,000; this is 2.3% below the revised May figure of 956,000. Authorizations of units in buildings with five units or more were at a rate of 460,000.

Privately‐owned housing completions were at a seasonally adjusted annual rate of 1,710,000 in June. This is 10.1% above the revised May estimate of 1,553,000 and 15.5% above the June 2023 rate of 1,480,000. Single‐family housing completions were at a rate of 1,037,000; this is 1.8% above the revised May rate of 1,019,000. The rate for units in buildings with five units or more was 656,000.