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Housing Permits Hold Steady and Starts Surge in July09-05-23 | Economic News

Housing Permits Hold Steady and Starts Surge in July

Building Permits Show Stability, Housing Starts Experience Growth
by Staff

July's housing market report reveals steady building permits and an increase in housing starts.

According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the housing market in July exhibited a mix of trends, with building permits maintaining stability, housing starts experiencing significant growth, and housing completions encountering a slight decline.

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Building permits for privately-owned housing units authorized in July were at a seasonally adjusted annual rate of 1,442,000. This marked a 0.1% increase from June, yet a notable 13.0% decrease compared to July 2022. Single-family authorizations rose by 0.6% to a rate of 930,000, while authorizations for units in buildings with five or more units reached a rate of 464,000.

Housing starts, however, saw a significant uptick, with privately-owned housing starts in July reaching 1,452,000 a 3.9% increase from June and a 5.9% increase from July 2022. Single-family housing starts climbed by 6.7% to a rate of 983,000, while the rate for units in buildings with five or more units experienced no change at 460,000 units.

https://www.census.gov/construction/nrc/pdf/newresconst.pdf

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