Housing Starts Climb 5.9 Percent in July
Permits edge up 2.7 percent for month; trend 12.4 percent above July 2012.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for July 2013:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 943,000. This is 2.7 percent (±0.8%) above the revised June rate of 918,000 and is 12.4 percent (±1.3%) above the July 2012 estimate of 839,000.
Single-family authorizations in July were at a rate of 613,000; this is 1.9 percent (±0.9%) below the revised June figure of 625,000. Authorizations of units in buildings with five units or more were at a rate of 303,000 in July.
HOUSING STARTS
Privately-owned housing starts in July were at a seasonally adjusted annual rate of 896,000. This is 5.9 percent (±14.5%)* above the revised June estimate of 846,000 and is 20.9 percent (±12.9%) above the July 2012 rate of 741,000.
Single-family housing starts in July were at a rate of 591,000; this is 2.2 percent (±9.7%)* below the revised June figure of 604,000. The July rate for units in buildings with five units or more was 290,000.
This month-over-month dip in single family starts runs at odds with the recent surge in builder confidence. Industry observers believe some builders may be throttling back inventories to take advantage of a shortage of lots and materials as they rebuild their war chests.
HOUSING COMPLETIONS
Privately-owned housing completions in July were at a seasonally adjusted annual rate of 774,000. This is 1.8 percent (±12.9%)* above the revised June estimate of 760,000 and is 15.0 percent (±17.9%)* above the July 2012 rate of 673,000.
Single-family housing completions in July were at a rate of 571,000; this is 5.9 percent (±10.2%)* above the revised June rate of 539,000. The July rate for units in buildings with five units or more was 195,000.
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