New Housing Building Permits Decline while Housing Starts Increase

Building permits for privately-owned housing units declined in July, falling 2.8% from the month of June and 5.7% from July 2024, according to data released by the US Census Bureau. Meanwhile, housing starts increased by 5.2% compared to June and by 12.9% compared to July 2024.

Building Permits
Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,354,000. This is 2.8 percent below the revised June rate of 1,393,000 and is 5.7 percent below the July 2024 rate of 1,436,000. Single-family authorizations in July were at a rate of 870,000; this is 0.5 percent above the revised June figure of 866,000. Authorizations of units in buildings with five units or more were at a rate of 430,000 in July.

Housing Starts
Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,428,000. This is 5.2 percent (±14.7 percent)* above the revised June estimate of 1,358,000 and is 12.9 percent (±13.6 percent)* above the July 2024 rate of 1,265,000. Single-family housing starts in July were at a rate of 939,000; this is 2.8 percent (±11.8 percent)* above the revised June figure of 913,000. The July rate for units in buildings with five units or more was 470,000. 

Housing Completions
Privately-owned housing completions in July were at a seasonally adjusted annual rate of 1,415,000. This is 6.0 percent (±13.5 percent)* above the revised June estimate of 1,335,000, but is 13.5 percent (±10.8 percent) below the July 2024 rate of 1,635,000. Single-family housing completions in July were at a rate of 1,022,000; this is 11.6 percent (±14.6 percent)* above the revised June rate of 916,000. The July rate for units in buildings with five units or more was 385,000.