Housing Starts declined to 746 thousand in July

Housing Starts declined to 746 thousand in July

by Bill McBride on 8/16/2012 

From the Census BureauPermits, Starts and Completions

Housing Starts:
Privately-owned housing starts in July were at a seasonally adjusted annual rate of 746,000. This is 1.1 percent below the revised June estimate of 754,000, but is 21.5 percent above the July 2011 rate of 614,000.

Single-family housing starts in July were at a rate of 502,000; this is 6.5 percent below the revised June figure of 537,000. The July rate for units in buildings with five units or more was 229,000.

Building Permits:
Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 812,000. This is 6.8 percent above the revised June rate of 760,000 and is 29.5 percent above the July 2011 estimate of 627,000.

Single-family authorizations in July were at a rate of 513,000; this is 4.5 percent above the revised June figure of 491,000. Authorizations of units in buildings with five units or more were at a rate of 274,000 in July.

Total Housing Starts and Single Family Housing StartsClick on graph for larger image.

Total housing starts were at 746 thousand (SAAR) in July, down 1.1% from the revised June rate of 754 thousand (SAAR). Note that June was revised from 760 thousand.

Single-family starts decreased 6.5% to 502 thousand in July.

The second graph shows total and single unit starts since 1968.

Total Housing Starts and Single Family Housing StartsThis shows the huge collapse following the housing bubble, and that total housing starts have been increasing lately after moving sideways for about two years and a half years.

Total starts are up 56% from the bottom start rate, and single family starts are up 42% from the low.

This was slightly below expectations of 750 thousand starts in July, but the key is starts are up solidly from last year. Right now starts are on pace to be up about 20% from 2011. Also note that total permits were at the highest level since 2008.

Read more at http://www.calculatedriskblog.com/2012/08/housing-starts-declined-to-746-thousand.html

Advertisements

1 Comment

Filed under Housing

One response to “Housing Starts declined to 746 thousand in July

  1. Pingback: Quarterly Housing Starts by Intent compared to New Home Sales | Wood on Fire – Topics of Lumber Industry

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s