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September 19, 2023US HOUSING STARTS AND BUILDING PERMITS, AUGUST 2023 Month over month (August 2023 vs July 2023, seasonally adjusted annualized rates)
US housing starts decreased 11.3% to a seasonally adjusted annualized rate of 1,283,000 units. There was an decrease in single unit starts (-4.3%) and a decline in multi-unit starts (-26.3%). The number of residential building permits increased 6.9% to a seasonally adjusted annualized rate of 1,543,000 units. Permits were up for single dwellings (+2.0%), up for structures with 2-4 dwellings (+25.5%), and up for multi-unit structures with more than 5 dwellings (+14.8%).
Year over year (August 2023 vs August 2022, seasonally adjusted annualized rates)
Compared to August 2022, US housing for starts were down 14.8%, with increases in single dwelling starts (+2.4%) and down multi-unit dwellings (-41.0%). Residential building permits were down 2.7%, with increases in single units (+7.2%) and, increases in structures with 2-4 dwellings (+15.7%). Structures with 5 or more dwellings down (-17.7%).
Year to date (January-August 2023 vs January-August 2022)
Year-to-date housing starts have averaged 13.1% lower in the first eight months of 2023 than in the same period of 2022. Starts starts for single dwellings fell 16.3% and for multi-unit dwellings were down 6.1%. Residential building permits declined by 17.3% with year-to-date declines in all categories: single dwellings (-17.9%), structures with 2-4 dwellings (-5.6%) and structures with 5 or more dwellings (-17.3%).
Source: US Census Bureau New Residential Construction, retrieved from Federal Reserve Bank of St. Louis using a FRED API.
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