New residential construction drops in July

by Francis Monfort18 Aug 2017
The US saw the number of privately owned housing that were started or completed in July decrease from construction activity in the year-ago period, according to data jointly released by the Census Bureau and the Department of Housing and Urban Development.

The number of building permits authorizing privately owned housing units were at a seasonally adjusted annual rate of 1,223,000 in July. The figure is 4.1% below the 1,275,000 revised rate for June, but is 4.1% above the 1,175,000 rate for July a year ago.

Permits for single-family housing were at a rate of 811,000, unchanged from the revised figure for the previous month. The rate for authorizations of units in buildings with five units or more was at 377,000.

The seasonally adjusted annual rate for privately owned housing starts in July was 1,155,000, which is 4.8% below the 1,213,000 revised estimate for June and 5.6% below the 1,223,000 rate for the same month last year. Starts for single-family housing during the month were at a rate of 856,000, which is 0.5% below the 860,000 revised figure for June. Starts for units in buildings with five units or more during the month was 287,000.

Completions of privately owned housing in July were at a seasonally adjusted annual rate of 1,175,000. The number is 6.2% below the revised estimate of 1,252,000 for June, but 8.2% above the 1,086,000 rate for the year-ago period. The rate of completions for single-family housing was 814,000, which is 1.6% below the 827,000 revised rate for the prior month. Completions of units in buildings with five units or more was 354,000 in July.


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