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August 16, 2024US HOUSING STARTS AND BUILDING PERMITS, JULY 2024 Month over month (July 2024 vs June 2024, seasonally adjusted annualized rates)
Compared to the previous month, US housing starts were down 6.8% to a seasonally adjusted annualized rate of 1,238,000 units. There were decreases in single unit starts (-14.1%), and increases in multi-unit starts (+11.7%).
The number of residential building permits decreased 4.0% to a seasonally adjusted annualized rate of 1,396,000 units. Permits were down for single units (-0.1%), up for structures with 2-4 units (+2.0%), and down for multi-unit structures with more than 5 units (-12.4%).
Year over year (July 2024 vs July 2023, seasonally adjusted annualized rates)
Compared to the same month last year, US housing for starts were down 16.0%, with decreases in single unit starts (-14.8%) and starts for structures with 5 or more units were down (-21.8%).
Residential building permits were down 7.0%, with decreases in single units (-1.6%), increases in structures with 2-4 units (+2.0) and decreases with 5 or more units (-18.2%)
Year-to-date (January-July 2024 vs January-July 2023, seasonally adjusted annualized rates)
Compared to the same period last year, US housing for starts were down 4.7%, with increases in single unit starts (+12.2%), and down for multi-unit starts (-34.91%).
Residential building permits were down 2.9%, with increases in single units (+12.1%), decreases in structures with 2-4 units (-4.1%) and declines in structures with 5 or more units (-25.5%).
Source: US Census Bureau New Residential Construction, retrieved from Federal Reserve Bank of St. Louis
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