Housing starts rose to 1.575 million annual rate in August

by Risk calculated on 09/20/2022 08:37:00

From the Census Bureau: Permits, Starts and Completions

Starts:
Private housing starts in August were at a seasonally adjusted annual rate of 1,575,000. That’s 12.2% above July’s revised estimate of 1,404,000, but 0.1% below the August 2021 rate of 1,576,000. Single-family housing starts in August s amounted to 935,000; that’s 3.4% above July’s revised figure of 904,000. The August rate for units in buildings with five or more units was 621,000.

Building permit:
Private housing units cleared by building permits in August were at a seasonally adjusted annual rate of 1,517,000. That’s 10.0% below July’s revised rate of 1,685,000 and 14.4% below the August 2021 rate of 1,772,000. Single-family clearances in August were 899,000; this is 3.5% below the revised July figure of 932,000. Housing clearances in buildings with five or more units stood at 571,000 in August.
added emphasis

Click on the graphic to enlarge the image.

The first chart shows single-family and multi-family housing starts over the past few years.

Multi-family housing starts (blue units, 2+) increased in August compared to July. Multi-family housing starts rose 33.1% year over year in August.

Single-family housing starts (red) rose in August and fell 14.6% year-over-year.

Total housing starts and single-family housing startsThe second chart shows single-family and multi-family housing starts since 1968.

This shows the huge collapse that followed the housing bubble and then the eventual recovery.

The total number of housing starts in August was higher than expected, however, housing starts in June and July were revised lower, combined.

I’ll have more later…

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