+12.4% The annual pace of building permits for new homes increased 12.4 percent in July (year-over-year) to 943,000 units. The permit rate, seasonally adjusted, is 2.7 percent higher than the revised 918,000-unit rate in June, and was buoyed by a 13.5 percent month-over-month increase in multi-family units.

+20.9% The pace of residential housing starts grew 20.9 percent in July (YoY) to an 896,000-unit annualized rate, adding 5.9 percent to the revised June figure of 846,000 units. Multi-family unit starts have increased 33.6 percent since July 2012, while single-family starts added just 15.4 percent.

+29.8% Housing units under construction increased by 29.8 percent in July (YoY) to 636,000 units, 2.1 percent more than the revised June rate of 623,000 units. Multi-family units again led the increase, adding 42 percent YoY, compared to a 20.2 percent increase in single-family home completions.

+15.0% Completed housing units gained 15 percent in June (YoY) to a 774,000-unit annual rate, just 1.8 percent above the revised June estimate of 760,000 units. The 571,000-unit single-family rate increased 22.5 percent YoY, mitigating the multi-family sector's 1.5 percent YoY decline.
Credit: U.S. Commerce Department

July Construction Unemployment Falls to 2008 Levels

# July 2013 Unemployment: 9.1%