Housing Permits & Starts Both Up Double Digits For July
Housing permits for July jumped 6.8% from June to an annual pace of 812,000 permits. Compared to July 2011, permits issued increased 29.5%. The single-family sector had 513,000 permits issued, up 4.5% from the previous month. In structures with 2-4 units, permits increased 19% monthly and 4.2% annually with an annual rate of 25,000 in July 2012. Buildings with 5 or more units had a 10.5% monthly increase and over a 47% annual gain at an annual pace of 274,000 in July 2012.
Housing starts in July dropped 1.1% monthly to a rate of 746,000. However, compared to July 2011’s pace, starts have increased 21.5%. Single-family starts in July were 6.5% lower than in June at a rate of 502,000 but still 17% above the previous year’s pace. The multi-family sector had a 9.6% monthly increase and a 30.1% annual increase of housing starts with a 229,000 annual pace for July 2012.
Housing completions increased 7.1% m-o-m to a seasonally adjusted annual rate of 668,000. This pace is 5.4% above the July 2011 rate. Single-family completions dropped 5.9% from June to a rate of 448,000 in July. However, the multi-family sector had a large 58.3% monthly increase in completions to the best pace this year at 209,000.
Source: U.S. Census Bureau and the Department of Housing and Urban Development