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US housing starts saw a decrease of 9.6% in July
Posted on August 22, 2022 |
- In July, overall housing starts fell by 9.6% to a seasonally adjusted annual rate of 1.45 million units.
- Single-family starts dropped by 10.1% to a 916,000 seasonally adjusted annual rate but fell by 2.1% on a year-to-date basis, the lowest since June 2020.
- Single-family permits declined by 4.3% to a 928,000 unit rate and on a year-to-date basis, it's a decline of 5.9%.
- For the last five months, the pace of single-family home building plunged and builder sentiment also dropped for 8 consecutive months, showing the housing recession.
- The multifamily sector, which contains apartment buildings and condos, dropped by 8.6% to an annualized 530,000 pace but multifamily construction remains strong as the number of multifamily 5+ units currently under construction grew by 24.8% year-over-year.
- At present, there are 816,000 single-family homes under construction due to accelerating permits and starts in recent quarters, which is 17% higher than in 2021.
- There are currently 862,000 apartments under construction, an increase of 25% from a year ago, and the total housing units now under construction (single-family and multifamily combined) is up 21% from a year ago.