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July 20, 2021US HOUSING STARTS AND BUILDING PERMITS, JUNE 2021 With June reference month results, year-over-year (June 2021 vs June 2020) and year-to-date (Jan-Jun 21 vs Jan-Jun 20) are in part showing the rebounds in economic activity from the unprecedented declines observed at the start of the COVID-19 pandemic.
BUILDING PERMITS
According to the US Census Bureau and the US Department of Housing and Urban Development, residential building permits declined 5.1% from the revised May estimate of 1,683,000 permits to a seasonally adjusted rate of 1,598,000 permits in June 2021.
US residential building permits increased 23.3% over the same month last year, when permits dropped due to the onset of the pandemic. Permits increased for all structure types, as permits for single unit structures increased 25.1%, those with 2 to 4 units increased 26.8%, and permits for structures with 5 units or more increased 19.3%.
From January to June 2021, residential permits were up 29.0%, with increases for single unit structures (+34.7%), those with 2 to 4 units (+24.9%) and structures with 5 or more units (+18.1%) when compared to the same period in 2020.
HOUSING STARTS
In June 2021, US housing starts increased 6.3% compared to the revised May estimate of 1,546,000, to a seasonally adjusted annualized rate of 1,643,000 units.
US housing starts increased 29.1% over June 2020, when housing starts dropped due to the onset of the pandemic. Starts for single unit structures were up 28.5% and starts for structures with 5 or more units rose 30.6%.
Year to date, US housing starts are up 23.2% compared to Jan-Jun 2020, with increased starts for single unit (+28.8%) and structures with 5 or more units (+11.0%).
Source:
US Census Bureau New Residential Construction
US Census Bureau - retrieved from FRED, Federal Reserve Bank of St. Louis. Monthly data
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