US Housing Starts, Building Permits, and Completions Fall in July

On Friday, the US Census Bureau reported that privately‐owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,238,000. This is 6.8% below the revised June estimate of 1,329,000 and 16.0% below the July 2023 rate of 1,473,000. Single-family housing starts were at a rate of 851,000; this is 14.1% below the revised June figure of 991,000. The rate for buildings with five units or more was 363,000.

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 1,396,000. This is 4.0% below the revised June rate of 1,454,000 and 7.0% below the July 2023 rate of 1,501,000. Single-family authorizations were at a rate of 938,000; this is 0.1% below the revised June figure of 939,000. The rate for buildings with five units or more was 408,000.

Privately‐owned housing completions in July were at a seasonally adjusted annual rate of 1,529,000. This is 9.8% below the revised June estimate of 1,696,000 but 13.8% above the July 2023 rate of 1,343,000. Single‐family housing completions were at a rate of 1,054,000; this is 0.5% above the revised June figure of 1,049,000. The rate for buildings with five units or more was 473,000.