U.S. Housing Starts Slide 8% in June
Permits show mixed bag for month with multifamily units dipping 3.7% for month while single-family permits rise 2.2%.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2023:
Building Permits
Privately‐owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,440,000. This is 3.7 percent below the revised May rate of 1,496,000 and is 15.3 percent below the June 2022 rate of 1,701,000.
Single‐family authorizations in June were at a rate of 922,000; this is 2.2 percent above the revised May figure of 902,000. Authorizations of units in buildings with five units or more were at a rate of 467,000 in June.
Housing Starts
Privately‐owned housing starts in June were at a seasonally adjusted annual rate of 1,434,000. This is 8.0 percent (±10.3 percent)* below the revised May estimate of 1,559,000 and is 8.1 percent (±9.2 percent)* below the June 2022 rate of 1,561,000.
Single‐family housing starts in June were at a rate of 935,000; this is 7.0 percent (±11.7 percent)* below the revised May figure of 1,005,000. The June rate for units in buildings with five units or more was 482,000.
Housing Completions
Privately‐owned housing completions in June were at a seasonally adjusted annual rate of 1,468,000. This is 3.3 percent (±9.7 percent)* below the revised May estimate of 1,518,000, but is 5.5 percent (±11.0 percent)* above the June 2022 rate of 1,392,000.
Single‐family housing completions in June were at a rate of 986,000; this is 2.8 percent (±10.2 percent)* below the revised May rate of 1,014,000. The June rate for units in buildings with five units or more was 476,000.
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