New home construction starts took a major tumble in July, according to new data out from the Census. Privately owned housing starts were at a seasonally adjusted annual rate of 1,446,000 in July—9.6 percent below the revised June estimate of 1,599,000 and is 8.1 percent below the July 2021 rate of 1,573,000.
Single‐family housing starts in July were at a rate of 916,000; this is 10.1 percent below the revised June figure of 1,019,000.
When it came to permitting, privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,674,000, down 1.3 percent from June but 1.1 percent above the July 2021 rate. Single‐family authorizations in July were at a rate of 928,000; 4.3 percent below the revised June figure of 970,000.
Privately‐owned housing completions last month were at a seasonally adjusted annual rate of 1,424,000—1.1 percent above June’s estimate of 1,409,000 and 3.5 percent above July 2021. Single‐family housing completions in July were at a rate of 1,009,000; this is 0.8 percent below the revised June rate of 1,017,000.