by Calculated Risk on 8/19/2014 08:30:00 AM
Tuesday, August 19, 2014
Housing Starts increase to 1.093 million Annual Rate in July
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,093,000. This is 15.7 percent above the revised June estimate of 945,000 and is 21.7 percent above the July 2013 rate of 898,000.
Single-family housing starts in July were at a rate of 656,000; this is 8.3 percent above the revised June figure of 606,000. The July rate for units in buildings with five units or more was 423,000.
emphasis added
Building Permits:
Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,052,000. This is 8.1 percent above the revised June rate of 973,000 and is 7.7 percent above the July 2013 estimate of 977,000.
Single-family authorizations in July were at a rate of 640,000; this is 0.9 percent above the revised June figure of 634,000. Authorizations of units in buildings with five units or more were at a rate of 382,000 in July.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) increased in July (Multi-family is volatile month-to-month).
Single-family starts (blue) also increased in July.
The second graph shows total and single unit starts since 1968.
This was well above expectations of 963 thousand starts in July. Note: Starts for June were revised higher too.
This was a solid report with starts up 21.7% year-over-year in July.