New Housing Starts Slide 7 Percent in July
Single-family starts slip 4.5 percent for month.
The residential building bottleneck is getting tighter; High material costs and a shortage of workers are causing builders to throttle back production.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for July 2021:
Building Permits
Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,635,000. This is 2.6 percent (±0.9 percent) above the revised June rate of 1,594,000 and is 6.0 percent (±0.9 percent) above the July 2020 rate of 1,542,000.
Single‐family authorizations in July were at a rate of 1,048,000; this is 1.7 percent (±0.8 percent) below the revised June figure of 1,066,000. Authorizations of units in buildings with five units or more were at a rate of 532,000 in July.
Housing Starts
Privately‐owned housing starts in July were at a seasonally adjusted annual rate of 1,534,000. This is 7.0 percent (±8.9 percent)* below the revised June estimate of 1,650,000, but is 2.5 percent (±10.9 percent)* above the July 2020 rate of 1,497,000.
Single‐family housing starts in July were at a rate of 1,111,000; this is 4.5 percent (±9.9 percent)* below the revised June figure of 1,163,000. The July rate for units in buildings with five units or more was 412,000.
Housing Completions
Privately‐owned housing completions in July were at a seasonally adjusted annual rate of 1,391,000. This is 5.6 percent (±16.4 percent)* above the revised June estimate of 1,317,000 and is 3.8 percent (±14.4 percent)* above the July 2020 rate of 1,340,000.
Single‐family housing completions in July were at a rate of 954,000; this is 3.6 percent (±16.1 percent)* above the revised June rate of 921,000. The July rate for units in buildings with five units or more was 426,000.
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