US Housing Starts Fall While Permits and Completions Climb in August

The US Census Bureau on Tuesday (9-19-23) reported that privately‐owned housing starts in August were at a seasonally adjusted annual rate (SAAR) of 1,283,000. This is 11.3% below the revised July estimate of 1,447,000 and 14.8% below the August 2022 rate of 1,505,000. Single-family housing starts were at a rate of 941,000; this is 4.3% above the revised July figure of 983,000. The August rate for units in buildings with five units or more was 334,000.

Building permits are the forward-looking portion of the report, and in August, privately-owned housing units authorized by building permits were at a SAAR of 1,543,000. This is 6.9% above the revised July rate of 1,443,000 but 2.7% below the August 2022 rate of 1,586,000. Single-family authorizations were at a rate of 949,000; this is 2.0% above the revised July figure of 930,000. Authorizations of units in buildings with five units or more were at a rate of 535,000.

Privately‐owned housing completions in August were at a seasonally adjusted annual rate of 1,406,000. This is 5.3% above the revised July estimate of 1,335,000 and 3.8% below the August 2022 rate of 1,355,000. Single‐family housing completions were at a rate of 961,000; this is 6.6% below the revised July rate of 1,029,000. The rate for units in buildings with five units or more was 433,000.