Wednesday, September 18, 2013

Housing Starts increased in August to 891,000 SAAR

by Bill McBride on 9/18/2013 08:41:00 AM

From the Census Bureau: Permits, Starts and Completions

Housing Starts:
Privately-owned housing starts in August were at a seasonally adjusted annual rate of 891,000. This is 0.9 percent above the revised July estimate of 883,000 and is 19.0 percent above the August 2012 rate of 749,000.

Single-family housing starts in August were at a rate of 628,000; this is 7.0 percent above the revised July figure of 587,000. The August rate for units in buildings with five units or more was 252,000.

Building Permits:
Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 918,000. This is 3.8 percent below the revised July rate of 954,000, but is 11.0 percent above the August 2012 estimate of 827,000.

Single-family authorizations in August were at a rate of 627,000; this is 3.0 percent above the revised July figure of 609,000. Authorizations of units in buildings with five units or more were at a rate of 268,000 in August.
Total Housing Starts and Single Family Housing Starts Click on graph for larger image.

The first graph shows single and multi-family housing starts for the last several years.

Multi-family starts (red, 2+ units) decreased in August (Multi-family is volatile month-to-month).

Single-family starts (blue) increased to 628,000 SAAR in August (Note: July was revised down from 591 thousand to 587 thousand).

The second graph shows total and single unit starts since 1968.

Total Housing Starts and Single Family Housing Starts This shows the huge collapse following the housing bubble, and that housing starts have been generally increasing after moving sideways for about two years and a half years.

This was below expectations of 915 thousand starts in August.  I'll have more later ...

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