According to the U.S. Census Bureau and Department of Housing and Urban Development’s (HUD) new residential construction report, July’s new start numbers were down 4.5 percent compared to the month prior.
The estimated rate of 1,111,000 was still up 11.7 percent compared to July 2020.
With lumber cost stabilizing, though, optimism may on the rise. According to the report, permits were up both month-over-month and year-over-year. Privately owned housing unit permits were up 2.6 percent compared to June 20201 at a seasonally adjusted annual rate of 1,635,000. That also represents a 6 percent increase compared to July of last year.
In all, July saw some 921,000 single-family housing units completed, while privately owned completions stood at 1,391,000, up 3.6 and 5.6 percent from the month prior, respectively.