Housing starts increased to a seasonally adjusted annual rate of 1.452 million in July, according to the U.S. Department of Commerce, 3.9% above the revised June estimate of 1.398 million and 5.9% above the July 2022 rate of 1.371 million. Single-family housing starts drove the increase, rising 6.7% above the revised June figure. Multifamily housing starts were unchanged in July.
New building permits edged up 0.1% during the month to a seasonally adjusted annual rate of 1.442 million but remain 13.0% below their July 2022 level of 1.658 million. A 0.6% monthly increase in single-family building permits drove the overall increase, offsetting a 0.2% decline in multifamily permits.
Housing completions in July were at a seasonally adjusted annual rate of 1.321 million, down 11.8% below the revised June estimate and 5.4% below the July 2022 rate.
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