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 2024:
Building Permits
Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,396,000. This is 4.0 percent below the revised June rate of 1,454,000 and is 7.0 percent below the July 2023 rate of 1,501,000. Single-family authorizations in July were at a rate of 938,000; this is 0.1 percent below the revised June figure of 939,000. Authorizations of units in buildings with five units or more were at a rate of 408,000 in July.
Housing Starts
Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,238,000. This is 6.8 percent (±10.3 percent)* below the revised June estimate of 1,329,000 and is 16.0 percent (±10.5 percent) below the July 2023 rate of 1,473,000. Single-family housing starts in July were at a rate of 851,000; this is 14.1 percent (±8.3 percent) below the revised June figure of 991,000. The July rate for units in buildings with five units or more was 363,000.
Housing Completions
Privately-owned housing completions in July were at a seasonally adjusted annual rate of 1,529,000. This is 9.8 percent (±8.4 percent) below the revised June estimate of 1,696,000, but is 13.8 percent (±13.9 percent)* above the July 2023 rate of 1,343,000. Single-family housing completions in July were at a rate of 1,054,000; this is 0.5 percent (±10.4 percent)* above the revised June rate of 1,049,000. The July rate for units in buildings with five units or more was 473,000.
The August report is scheduled for release on September 18, 2024. View the full schedule in the Economic Briefing Room: https://www.census.gov/economic-indicators/ . The full text and tables for this release can be found at New Residential Construction.
Source: U.S. Census Bureau