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US Housing Starts Fall to Three-Month Low in July

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Privately-owned housing starts fell to a three-month low in July, even as building permits posted a slight growth during the period.

Source: US Census Bureau

Housing starts stood at a seasonally adjusted annual rate of 1.534 million, down 7.0% from 1.650 million in June but 2.5% higher than in July 2020 1.497 million. This is the weakest in three months since April’s 1.514 million.

Building permits for the month were recorded at 1.635 million, up 2.6% from 1.594 million in June and 6.0% from 1.542 million in July 2020. Growth was seen in buildings with two to four units which climbed 12.2%, and five units or more by 11.1%, while single-family authorizations fell 1.7%

Housing completions were at 1.391 million, up 5.6% from June’s 1.317 million and 3.8% from 1.340 million in July 2020. Single-family units grew 2.6% to 954,000, while buildings with five units or more rose 9.5% to 426,000.

There were 1.373 million units under construction in July, up 0.4% from June’s 1.368 million and 14.5% from the 1.199 million the same month in 2020.

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