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July 17, 2020US HOUSING STARTS AND BUILDING PERMITS, JUNE 2020 The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced today the new residential construction statistics for June 2020. Due to COVID-19, many businesses are operating on a limited capacity or have ceased operations completely.
BUILDING PERMITS
US residential building permits increased 2.1 per cent in June 2020 compared to the revised May 2020 estimate, to a seasonally adjusted annualized rate of 1,241,000. This is 2.5 per cent below the June 2019 estimate of 1,273,000.
Year-over-year (June 2019 vs June 2020), there were declines in all unit structures with permits for structures with 2 to 4 units posting the largest decline (-15.2%). Permits for single unit structures declined 1.1 per cent while permits for structures with 5 units or more was down 4.2 per cent over June 2019.
HOUSING STARTS
In June 2020, US housing starts increased 17.3 per cent compared to the revised May 2020 estimate, to a seasonally adjusted annualized rate of 1,186,000. This is still 4.0 per cent below the June 2019 estimate of 1,235,000.
Year-over-year (June 2019 vs June 2020), starts for single unit structures declined 3.9 per cent while starts for structures with 5 or more units were down 2.5 per cent.
During the COVID-19 pandemic, comparisons of year-to-date averages and sums do not show Nova Scotia’s rapidly-changing economic situation. The DailyStats will focus on year-over-year comparisons, comparing one month with the same month in the prior year. Where possible the DailyStats will make comparisons of seasonally adjusted data from the pre-COVID-19 period (January and February 2020) with the period during which COVID-19 measures were in place from March 2020 onwards.
Source: US Census Bureau New Residential Construction
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