by Calculated Risk July 17, 2024 8:30 AM
From the Census Bureau: Permit, Start, Complete
Housing starts:
Private housing starts in June were at a seasonally adjusted annual rate of 1.353 million units.This is 3.0 percent higher than the revised May estimate of 1.314 million but 4.4 percent lower than the 1.415 million estimated for June 2023. Single-family housing starts in June were 980,000, 2.2 percent lower than the revised May estimate of 1.002 million. The number of buildings with five or more units in June was 360,000.Building Permits:
Private residential units permitted to build in June were at a seasonally adjusted annual rate of 1.446 million, 3.4% higher than the revised May rate of 1.399 million but 3.1% lower than the June 2023 rate of 1.493 million. The June permitting rate for single-family homes was 934,000, 2.3% lower than the revised May rate of 956,000. The permitting rate for units in buildings with five or more units was 460,000 in June.
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The first chart shows single-family and multifamily housing starts since 2000.
Multifamily housing starts (blue, two or more units) increased in June compared to May. Apartment building starts down 23.1% year-on-year.
Single-family housing starts (red) fell in June after increasing 5.4% year-over-year.
The second chart shows construction starts since 1968 for single-family homes and multifamily housing.
This is indicative of the housing bubble followed by a massive collapse and subsequent recovery, and the more recent collapse and recovery in single-family housing starts.
Total housing starts in June beat expectations, Starts for April and May have been revised upwards.
We’ll let you know more later…
