US Housing Starts Climb in July While Permits Fall

On Tuesday, the US Census Bureau reported that privately owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,428,000. This is 5.2% above the revised June estimate of 1,358,000 and 12.9% above the July 2024 rate of 1,265,000. Single-family housing starts were at a rate of 939,000, up 2.8% from the revised June figure of 913,000. The rate for units in buildings with five units or more was 470,000.

Building permits, the forward-looking indicator of the report, were at a seasonally adjusted annual rate of 1,354,000 in July. This is 2.8% below the revised June rate of 1,393,000 and 5.7% below the July 2024 rate of 1,436,000. Single-family authorizations were at a rate of 870,000, up 0.5% from the revised June figure of 866,000. Authorizations of units in buildings with five units or more were at a rate of 430,000.

Privately owned housing completions in July were at a seasonally adjusted annual rate of 1,415,000. This is 6.0% above the revised June estimate of 1,335,000 but 13.5% below the July 2024 rate of 1,635,000. Single-family housing completions were at a rate of 1,022,000, up 11.6% from the revised June rate of 916,000. The rate for units in buildings with five units or more was 385,000.