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September 18, 2024US HOUSING STARTS AND BUILDING PERMITS, AUGUST 2024 Month over month (August 2024 vs July 2024, seasonally adjusted annualized rates)
Compared to the previous month, US housing starts were up 9.6% to a seasonally adjusted annualized rate of 1,356,000 units. There were decreases in multi-unit starts (-6.7%), and increases in single unit starts (+15.8%).
The number of residential building permits increased 4.9% to a seasonally adjusted annualized rate of 1,475,000 units. Permits were up for single units (+2.8%), for structures with 2-4 units (+16.3%), and for multi-unit structures with more than 5 units (+8.4%).
Year over year (August 2024 vs August 2023, seasonally adjusted annualized rates)
Compared to the same month last year, US housing for starts were up 3.9%, with gains in single unit starts (+5.2%) while starts for structures with 5 or more units were down (-6.2%).
Residential building permits were down 6.5% year-over-year, with decreases in single units (-0.5%), in structures with 2-4 units (-10.9) and in structures with 5 or more units (-16.8%)
Year-to-date (January-August 2024 vs January-August 2023, seasonally adjusted annualized rates)
Compared to the same period last year, US housing for starts were down 3.7%, with increases in single unit starts (+11.3%), offset by declines in multi-unit starts (-32.4%).
Residential building permits were down 3.3% year-to-date, with increases in single units (+10.4%), offset by decreases for structures with 2-4 units (-5.3%) and for structures with 5 or more units (-24.3%).
Source: US Census Bureau New Residential Construction, retrieved from Federal Reserve Bank of St. Louis
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