Housing Begins Decreased to 1.238 million Annual Charge in July

by Calculated Threat on 8/16/2024 08:30:00 AM

From the Census Bureau: Permits, Begins and Completions

Housing Begins:
Privately-owned housing begins in July had been at a seasonally adjusted annual fee of 1,238,000. That is 6.8 % beneath the revised June estimate of 1,329,000 and is 16.0 % beneath the July 2023 fee of 1,473,000. Single-family housing begins in July had been at a fee of 851,000; that is 14.1 % beneath the revised June determine of 991,000. The July fee for models in buildings with 5 models or extra was 363,000.

Constructing Permits:
Privately-owned housing models approved by constructing permits in July had been at a seasonally adjusted annual fee of
1,396,000. That is 4.0 % beneath the revised June fee of 1,454,000 and is 7.0 % beneath the July 2023 fee
of 1,501,000. Single-family authorizations in July had been at a fee of 938,000; that is 0.1 % beneath the revised
June determine of 939,000. Authorizations of models in buildings with 5 models or extra had been at a fee of 408,000 in July.
emphasis added

Click on on graph for bigger picture.

The primary graph exhibits single and multi-family housing begins since 2000.

Multi-family begins (blue, 2+ models) elevated in July in comparison with June.   Multi-family begins had been down 18.3% year-over-year.

Single-family begins (purple) decreased in July and had been 14.8% year-over-year.

The second graph exhibits single and multi-family housing begins since 1968.

This exhibits the massive collapse following the housing bubble, after which the eventual restoration – and the current collapse and restoration in single-family begins.

Complete housing begins in July had been beneath expectations and begins in Could and June had been revised down.  A really weak report.

I will have extra later …