by Calculated Risk on 9/20/2022 08:37:00 AM
From the Census Bureau: Permits, Starts and Completions
more was 621,000.
Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of
1,517,000. This is 10.0 percent below the revised July rate of 1,685,000 and is 14.4 percent below the August 2021
rate of 1,772,000. Single-family authorizations in August were at a rate of 899,000; this is 3.5 percent below the
revised July figure of 932,000. Authorizations of units in buildings with five units or more were at a rate of 571,000
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (blue, 2+ units) increased in August compared to July. Multi-family starts were up 21.0% year-over-year in August.
Single-family starts (red) increased in August and were down 14.6% year-over-year.
This shows the huge collapse following the housing bubble, and then the eventual recovery.
Total housing starts in August were above expectations, however, starts in June and July were revised down, combined.
I’ll have more later …