by Calculated Risk on 7/19/2022 08:38:00 AM
From the Census Bureau: Permits, Starts and Completions
Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,559,000. This is 2.0 percent below the revised May estimate of 1,591,000 and is 6.3 percent below the June 2021 rate of 1,664,000. Single-family housing starts in June were at a rate of 982,000; this is 8.1 percent below the revised May figure of 1,068,000. The June rate for units in buildings with five units or more was 568,000.
Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,685,000. This is 0.6 percent below the revised May rate of 1,695,000, but is 1.4 percent above the June 2021 rate of 1,661,000. Single-family authorizations in June were at a rate of 967,000; this is 8.0 percent below the revised May figure of 1,051,000. Authorizations of units in buildings with five units or more were at a rate of 666,000 in June.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (blue, 2+ units) increased in June compared to May. Multi-family starts were up 15.6% year-over-year in June.
Single-family starts (red) decreased in June and were down 15.7% year-over-year.
This shows the huge collapse following the housing bubble, and then the eventual recovery.
Total housing starts in June were slightly above expectations, and starts in April and May, were revised up, combined.
I’ll have more later …