by Calculated Risk September 18, 2024, 8:30 AM
From the Census Bureau: Permit, Start, Complete
Housing starts:
Private housing starts in August were at a seasonally adjusted annual rate of 1.356 million units.This is 9.6 percent above the revised July estimate of 1.237 million and 3.9 percent above the August 2023 estimate of 1.305 million. Single-family housing starts in August were 992,000, 15.8 percent above the July revised estimate of 857,000. Buildings with five or more units in August were 333,000.Building Permits:
Private residential units permitted to build in August were at a seasonally adjusted annual rate of 1,475,000. This is 4.9% higher than the revised July rate of 1,406,000 but 6.5% lower than the August 2023 rate of 1,578,000. The permitting rate for single-family homes in August was 967,000, 2.8% higher than the revised July rate of 941,000. The permitting rate for units in buildings with five or more units was 451,000 in August.
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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 August compared to July. Multifamily housing starts increased 5.5% year over year.
Single-family housing starts (red) increased in August, up 5.1% from a year earlier.
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 August beat expectations, The June and July starts have been slightly revised.
We’ll let you know more later…
