The Census Bureau’s monthly new residential construction release highlighted a major decrease in housing starts year-over-year.
The U.S. Census Bureau released its Monthly New Residential Construction report for July 2024, indicating a yearly decline in housing units and starts, but an increase in housing completions.
Privately-owned housing units authorized by building permits in July were at a seasonally-adjusted rate of 1.40 million, down 7% year-over-year from the July 2023 rate of 1.5 million and 4% below the revised rate of June (1.45 million). Single-family authorizations were at a rate of 938,000, down 0.1% from the revised June figure of 939,000.
Privately-owned housing starts in July were at a seasonally-adjusted rate of 1.238 million, down 16% year-over-year, and down 6.8% from the revised June estimate of 1.239 million. Single-family housing starts were at a rate of 851,000, 14.1% below the revised June figure of 991,000.
July’s seasonally-adjusted housing starts were the fewest since May 2020’s 1.053 million, which occurred during the height of the COVID-19 pandemic, with only April 2020’s 931,000 starts as less than that.
In July, privately-owned housing completions were at a seasonally-adjusted annual rate of 1.53 million, 13.8% above the July 2023 rate of 1.34 million, but 9.8% below the revised June estimate of 1.7 million. While single-family housing completions were at a rate of 1.05 million, 0.5% above the revised rate of 1.049 million.
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