Housing Starts Drop 9.6 Percent, Now Below Pre-Pandemic Level, Led By Single Family

0
95

by Mish Shedlock, Mish Talk:

Economists are like a broken record, continually overestimating demand for housing. Starts badly missed economists’ expectations as did builder sentiment yesterday.

New Residential Construction

The Census Department New Residential Construction Report shows accelerating weakness in housing starts led by single-family units.

TRUTH LIVES on at https://sgtreport.tv/

Housing Starts 

  • Privately‐owned housing starts in July were at a seasonally adjusted annual rate of 1,446,000. This is 9.6 percent below the revised June estimate of 1,599,000 and is 8.1 percent below the July 2021 rate of 1,573,000.
  • Single‐family housing starts in July were at a rate of 916,000; this is 10.1 percent below the revised June figure of 1,019,000.
  • The July rate for units in buildings with five units or more was 514,000.

Housing Completions

  • Privately‐owned housing completions in July were at a seasonally adjusted annual rate of 1,424,000. This is 1.1 percent above the revised June estimate of 1,409,000 and is 3.5 percent above the July 2021 rate of 1,376,000.
  • Single‐family housing completions in July were at a rate of 1,009,000; this is 0.8 percent below the revised June rate of 1,017,000.
  • The July rate for units in buildings with five units or more was 412,000.

Building Permits 

  • Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,674,000.
  • This is 1.3 percent below the revised June rate of 1,696,000, but is 1.1 percent above the July 2021 rate of 1,655,000.
  • Single‐family authorizations in July were at a rate of 928,000; this is 4.3 percent below the revised June figure of 970,000.
  • Authorizations of units in buildings with five units or more were at a rate of 693,000 in July.

Housing Starts, Permits, Completions Not Seasonally Adjusted

Housing Starts, Permits, Completions NSA 2022-07

The raw, unadjusted numbers put the numbers in perspective. Seasonally-adjusted annualized (SAAR) starts were 1.446 million. Actual starts in July were 131,000.

Housing Starts Single Family vs Multi-Family 

Housing Starts Single Family vs Multi-Family 2022-07

Read More @ MishTalk.com