Building Permits, Housing Starts, and Completions: July 2022 Snapshot

In July 2022, building permits for privately-owned housing units slightly increased, while housing starts showed a significant rise. However, housing completions experienced a decline compared to the previous month.

Why It Matters:

The data on building permits, housing starts, and completions provide insights into the current health of the housing market. These numbers indicate the level of construction activity, which can impact housing availability and affordability.

The Details:

• Building Permits:

  • Privately-owned housing units authorized: 1,442,000

  • 0.1% increase from June 2023 but a 13.0% decrease from July 2022.

  • Single-family authorizations: 930,000

  • Authorizations for units in 5+ unit buildings: 464,000

• Housing Starts:

  • Privately-owned housing starts: 1,452,000

  • 3.9% rise from June 2023 and 5.9% increase from July 2022.

  • Single-family housing starts: 983,000

  • 5+ unit building starts: 460,000

• Housing Completions:

  • Privately-owned housing completions: 1,321,000

  • 11.8% decline from June 2023 and 5.4% decrease from July 2022.

  • Single-family housing completions: 1,018,000

  • 5+ unit building completions: 297,000

Conclusion:

July 2023's residential construction data presents a mixed picture, suggesting a growing demand for new houses (as evidenced by the rise in building permits and housing starts) but a slower rate of completing these units. Decision-makers in the housing market should monitor these trends closely