by Bill McBride on 9/20/2016 08:38:00 AM
Tuesday, September 20, 2016
From the Census Bureau: Permits, Starts and Completions
Housing Starts:Click on graph for larger image.
Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,142,000. This is 5.8 percent below the revised July estimate of 1,212,000, but is 0.9 percent above the August 2015 rate of 1,132,000.
Single-family housing starts in August were at a rate of 722,000; this is 6.0 percent below the revised July figure of 768,000. The August rate for units in buildings with five units or more was 403,000.
Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,139,000. This is 0.4 percent below the revised July rate of 1,144,000 and is 2.3 percent below the August 2015 estimate of 1,166,000.
Single-family authorizations in August were at a rate of 737,000; this is 3.7 percent above the revised July figure of 711,000. Authorizations of units in buildings with five units or more were at a rate of 370,000 in August.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) decreased in August compared to July. Multi-family starts are up 4.7% year-over-year.
Single-family starts (blue) decreased in August, and are down 1.2% year-over-year.
The second graph shows total and single unit starts since 1968.
The second graph shows the huge collapse following the housing bubble, and then - after moving sideways for a couple of years - housing is now recovering (but still historically low),
Total housing starts in August were below expectations, however combined starts for June and July were revised up slightly. I'll have more later ...
Posted by Bill McBride on 9/20/2016 08:38:00 AM