Tuesday, June 17, 2008

Housing Starts: Lowest Since 1991

by Bill McBride on 6/17/2008 08:29:00 AM

Total Housing Starts and Single Family Housing Starts Click on graph for larger image in new window.

The graph shows total housing starts vs. single family housing starts.

Both total starts and single family starts are at the lowest level since 1991.

Note that the current recession on the graph is not official.

Here is the Census Bureau reports on housing Permits, Starts and Completions.

Building permits decreased:

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 969,000.
This is 1.3 percent below the revised April rate of 982,000 and is 36.3 percent below the revised May 2007 estimate
of 1,522,000.

Single-family authorizations in May were at a rate of 623,000; this is 4.0 percent below the April figure of 649,000.
The declines in permits suggest further declines in starts next month.

On housing starts:
Privately-owned housing starts in May were at a seasonally adjusted annual rate of 975,000. This is 3.3 percent below the
revised April estimate of 1,008,000 and is 32.1 percent below the revised May 2007 rate of 1,436,000.

Single-family housing starts in May were at a rate of 674,000; this is 1.0 percent (±9.9%)* below the April figure of 681,000.
And on completions:
Privately-owned housing completions in May were at a seasonally adjusted annual rate of 1,132,000. This is 11.6 percent above the revised April estimate of 1,014,000, but is 26.9 percent below the revised May 2007 rate of 1,549,000.

Single-family housing completions in May were at a rate of 869,000; this is 8.9 percent above the April figure of 798,000.
More on starts and completions later.