Housing Starts Down 12 percent in June

Housing starts decreased to a seasonally adjusted annual rate of 1.173 million in June, according to the U.S. Department of Commerce. The figure was 12.3 percent below the May rate of 1.337 million and 3.0 percent lower than the June 2017 rate. Single-family home starts fell 9.1 percent from last month. Multifamily declined 20.2 percent since May and are down 15.3 percent since June 2017.

Housing activity decreased in all four regions as the Northeast, South, and West declined 6.8 percent, 9.1 percent, and 3.0 percent, respectively. Housing starts in the Midwest decreased the most, falling 35.8 percent.

New building permits fell during the month, decreasing 2.2 percent to 1.273 million. Multifamily led the decrease, slipping 8.7 percent, while single-family building permits increased 0.8 percent. New building permits were down 3.0 percent from the June 2017 rate.

Housing completions were at a seasonally adjusted annual rate of 1.261 million, unchanged from the May estimate and 2.2 percent above the June 2017 rate.

Read the Census release.

About Jack McCabe

Jack McCabe is a research associate in the Economic Policy and Research group at the ABA.
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