New Housing Starts in U.S. Down 5% in July

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According to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), the new residential construction numbers for July 2011 are a mixed bag.

Building Permits

Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 597,000. This is 3.2 percent (±1.2%) below the revised June rate of 617,000, but is 3.8 percent (±2.2%) above the July 2010 estimate of 575,000.

Single-family authorizations in July were at a rate of 404,000; this is 0.5 percent (±0.9%) above the revised June figure of 402,000. Authorizations of units in buildings with five units or more were at a rate of 171,000 in July.

Housing Starts

Privately-owned housing starts in July were at a seasonally adjusted annual rate of 604,000. This is 1.5 percent (±10.7%) below the revised June estimate of 613,000, but is 9.8 percent (±10.8%) above the July 2010 rate of 550,000.

Single-family housing starts in July were at a rate of 425,000; this is 4.9 percent (±8.9%) below the revised June figure of 447,000. The July rate for units in buildings with five units or more was 170,000.

Housing Permits

Privately-owned housing completions in July were at a seasonally adjusted annual rate of 636,000. This is 11.8 percent (±13.7%) above the revised June estimate of 569,000 and is 9.5 percent (±13.8%) above the July 2010 rate of 581,000.

Single-family housing completions in July were at a rate of 470,000; this is 6.1 percent (±12.6%) above the revised June rate of 443,000. The July rate for units in buildings with five units or more was 158,000.

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