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Housing Roars Back in July

Single family starts soar 8.3 percent; multifamily starts outpace 2013 rate by 21.7 percent.


If it weren't for bad weather, the U.S. housing market would be having a banner year, but the industry is finally shaking off the dampen effects of a brutal winter and a wet early summer to kick into gear.

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for July 2014:

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 (±1.8%) above the revised June rate of 973,000 and is 7.7 percent (±1.8%) 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 (±1.5%)* 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.

HOUSING STARTS
Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,093,000. This is 15.7 percent (±10.9%) above the revised June estimate of 945,000 and is 21.7 percent (±10.7%) 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 (±10.3%)* above the revised June figure of 606,000. The July rate for units in buildings with five units or more was 423,000.

HOUSING COMPLETIONS
Privately-owned housing completions in July were at a seasonally adjusted annual rate of 841,000. This is 3.7 percent (±8.2%)* above the revised June estimate of 811,000 and is 8.0 percent (±9.9%)* above the July 2013 rate of 779,000.

Single-family housing completions in July were at a rate of 635,000; this is 6.2 percent (±8.8%)* above the revised June rate of 598,000. The July rate for units in buildings with five units or more was 199,000.

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