US Housing Starts Drop in July; Permits Rise

On Tuesday, the US Census Bureau reported that privately owned housing starts were at a seasonally adjusted annual rate (SAAR) of 1,239,000 in July, a 12.4% decline from June’s revised 1,415,000 and 13.5% below the July 2025 level of 1,432,000. Single-family starts were 808,000, a 9.9% decline from June. The rate for units in buildings with five units or more was 421,000.

Building permits, a forward-looking measure, were at a SAAR of 1,443,000 in July, a 5.0% increase from June and 3.1% above the July 2025 level of 1,400,000. Single-family authorizations were 894,000, a 2.5% increase from June. Authorizations of units in buildings with five units or more were at a rate of 490,000.

Housing completions were at a SAAR of 1,212,000 in July, 9.1% below June’s revised 1,333,000 and 16.8% below the July 2025 level of 1,456,000. Single-family completions were 878,000, a 5.8% decrease from June. The rate for units in buildings with five units or more was 329,000.