by Calculated Risk on 9/21/2021 08:40:00 AM
From the Census Bureau: Permits, Starts and Completions
Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,615,000. This is 3.9 percent above the revised July estimate of 1,554,000 and is 17.4 percent above the August 2020 rate of
1,376,000. Single-family housing starts in August were at a rate of 1,076,000; this is 2.8 percent below the revised July figure of 1,107,000. The August rate for units in buildings with five units or more was 530,000
Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,728,000. This is 6.0 percent above the revised July rate of 1,630,000 and is 13.5 percent above the August 2020 rate of 1,522,000. Single-family authorizations in August were at a rate of 1,054,000; this is 0.6 percent above the revised July figure of 1,048,000. Authorizations of units in buildings with five units or more were at a rate of 632,000 in August.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) increased in August compared to July. Multi-family starts were up 53% year-over-year in August.
Single-family starts (blue) decreased in August, and were up 5% year-over-year.
The second graph shows the huge collapse following the housing bubble, and then the eventual recovery (but still not historically high).
Total housing starts in August were above expectations, and starts in June and July were revised up slightly.
I’ll have more later …