Residential Housing Sends More Mixed Signals in August
Permits climb 3.2 percent but starts slide 5 percent for month.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for August 2011:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 620,000. This is 3.2 percent (±1.0%) above the revised July rate of 601,000 and is 7.8 percent (±1.4%) above the August 2010 estimate of 575,000.
Single-family authorizations in August were at a rate of 413,000; this is 2.5 percent (±0.9%) above the revised July figure of 403,000. Authorizations of units in buildings with five units or more were at a rate of 178,000 in August.
HOUSING STARTS
Privately-owned housing starts in August were at a seasonally adjusted annual rate of 571,000. This is 5.0 percent (±10.6%)* below the revised July estimate of 601,000 and is 5.8 percent (±12.0%)* below the August 2010 rate of 606,000.
Single-family housing starts in August were at a rate of 417,000; this is 1.4 percent (±10.3%)* below the revised July figure of 423,000. The August rate for units in buildings with five units or more was 148,000.
HOUSING COMPLETIONS
Privately-owned housing completions in August were at a seasonally adjusted annual rate of 623,000. This is 2.7 percent (±12.7%)* below the revised July estimate of 640,000, but is 2.6 percent (±13.2%)* above the August 2010 rate of 607,000.
Single-family housing completions in August were at a rate of 477,000; this is 0.2 percent (±10.2%)* below the revised July rate of 478,000. The August rate for units in buildings with five units or more was 143,000.
