by Calculated Risk August 16, 2024 8:30 AM
From the Census Bureau: Permit, Start, Complete
Housing starts:
The number of private housing starts in July Seasonally adjusted annually: 1,238,000This is 6.8 percent lower than the revised June estimate of 1.329 million and 16.0 percent lower than the 1.473 million for July 2023. Single-family housing starts in July were 851,000, 14.1 percent lower than the revised June estimate of 991,000. The number of buildings with five or more units in July was 363,000.Building Permits:
Private housing permits received for building in July were at a seasonally adjusted annual rate of 1.396 million. This is 4.0% lower than the revised June rate of 1.454 million and 7.0% lower than the July 2023 rate of 1.501 million. The permit rate for single-family homes in July was 938,000, 0.1% lower than the revised June rate of 939,000. The permit rate for buildings with five or more units was 408,000 in July.
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The first chart shows single-family and multifamily housing starts since 2000.
Multifamily (blue, two or more units) starts increased in July compared to June. Apartment building starts down 18.3% year-on-year.
The number of detached housing starts in July (red) was down 14.8% year-on-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 July fell short of expectations, May and June starts were revised down. Very weak reports.
We’ll let you know more later…
