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August 18, 2020US HOUSING STARTS AND BUILDING PERMITS, JULY 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 July 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 18.8 per cent in July 2020 compared to the revised June 2020 estimate, to a seasonally adjusted annualized rate of 1,495,000. This is 9.4 per cent above the July 2019 estimate of 1,366,000.
Year-over-year (July 2019 vs July 2020) growth in permits was primarily due to the 15.5 per cent increase registered in permits for single unit structures. Permits for structures with 2 to 4 units declined 2.2 per cent compared to July 2019 levels while permits for structures with 5 units or more were down 0.4 per cent over July 2019.
HOUSING STARTS
In July 2020, US housing starts increased 22.6 per cent compared to the revised June 2020 estimate, to a seasonally adjusted annualized rate of 1,496,000. This was 23.4 per cent above the July 2019 estimate of 1,212,000.
Year-over-year (July 2019 vs July 2020), starts for structures with 5 or more units increased 67.8 per cent. Starts for single unit structures were also up 7.4 per cent over July 2019 level.
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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