Housing Begins Decreased to 1.238 million Annual Charge in July

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

From the Census Bureau: Permits, Begins and Completions

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

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

Click on on graph for bigger picture.

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

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

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

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

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

Whole housing begins in July have been under expectations and begins in Might and June have been revised down.  A really weak report.

I will have extra later …