Housing Starts Declined 6.8% in July to Four-Year Low

Washington, DC, August 16, 2024-Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,238,000, according to the U.S. Census Bureau, 6.8% below the revised June estimate of 1,329,000 and 16.0% below the July 2023 rate of 1,473,000. Single-family housing starts in July were at a rate of 851,000; this is 14.1% below the revised June figure of 991,000. The July rate for units in buildings with five units or more was 363,000. 

Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,396,000. This is 4.0% below the revised June rate of 1,454,000 and is 7.0% below the July 2023 rate of 1,501,000. Single-family authorizations in July were at a rate of 938,000; this is 0.1% below the revised June figure of 939,000. Authorizations of units in buildings with five units or more were at a rate of 408,000 in July. 

Privately-owned housing completions in July were at a seasonally adjusted annual rate of 1,529,000. This is 9.8% below the revised June estimate of 1,696,000, but is 13.8% above the July 2023 rate of 1,343,000. Single-family housing completions in July were at a rate of 1,054,000; this is 0.5% above the revised June rate of 1,049,000. The July rate for units in buildings with five units or more was 473,000.