Calculated Risk July 17, 2024 8:30 AM
From the Census Bureau: Permitted, started, completed
Housing starts:
Private housing starts in June were at a seasonally adjusted annual rate of 1.353 million, 3.0% higher than the revised May estimate of 1.314 million but 4.4% lower than the June 2023 estimate of 1.415 million. Single-family housing starts in June were 980,000, 2.2% lower than the revised May estimate of 1.002 million. The number of buildings with five or more units in June was 360,000.
Building Permits:
Private residential units permitted to build in June were at a seasonally adjusted annual rate of 1.446 million, 3.4% higher than the revised May rate of 1.399 million but 3.1% lower than the June 2023 rate of 1.493 million. The June permitting rate for single-family homes was 934,000, 2.3% lower than the revised May rate of 956,000. The permitting rate for units in buildings with five or more units was 460,000 in June.
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The first chart shows single-family and multifamily housing starts since 2000.
Multifamily housing starts (blue, 2 or more units) increased in June compared to May. Multifamily housing starts were down 23.1% year over year.
Single-family housing starts (red) fell in June after increasing 5.4% year-over-year.
The second chart shows construction starts since 1968 for single-family homes and multifamily housing.
This is indicative of the housing bubble followed by a massive collapse and subsequent recovery, and the more recent collapse and recovery in single-family housing starts.
Total housing starts in June beat expectations, while starts for April and May were revised upward.
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