Residential Building Permits Up 18.8% in July

Residential Building Permits Up 18.8% in July

Housing starts also up compared to year-ago period and the previous month, according to the latest residential construction report from the U.S. Census Bureau.
Overall construction input prices are 0.9% lower than in March 2022, while nonresidential construction input prices have fallen 0.6%.

Privately owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,495,000. This is 18.8% above the revised June rate of 1,258,000 and is 9.4% above the July 2019 rate of 1,366,000.

Single-family authorizations in July were at a rate of 983,000; this is 17.0 percent (±1.2 percent) above the revised June figure of 840,000. Authorizations of units in buildings with five units or more were at a rate of 467,000 in July.

Privately owned housing starts in July were at a seasonally adjusted annual rate of 1,496,000. This is 22.6% above the revised June estimate of 1,220,000 and is 23.4% above the July 2019 rate of 1,212,000. Single-family housing starts in July were at a rate of 940,000; this is 8.2% above the revised June figure of 869,000. The July rate for units in buildings with five units or more was 547,000.

Privately owned housing completions in July were at a seasonally adjusted annual rate of 1,280,000. This is 3.6% above the revised June estimate of 1,236,000 and is 1.7% above the July 2019 rate of 1,258,000. Single-family housing completions in July were at a rate of 909,000; this is 1.8% below the revised June rate of 926,000. The July rate for units in buildings with five units or more was 364,000.

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