Housing starts are up but permits are down. The overall level of activity is less than we say in 1962.
This morning, the Census Bureau released its New Residential Construction Report for August.
Building Permits
Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,229,000. This is 5.7 percent below the revised July rate of 1,303,000 and is 5.5 percent below the August 2017 rate of 1,300,000.
Single-family authorizations in August were at a rate of 820,000; this is 6.1 percent below the revised July figure of 873,000. Authorizations of units in buildings with five units or more were at a rate of 370,000 in August.
Housing Starts
Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,282,000. This is 9.2 percent above the revised July estimate of 1,174,000 and is 9.4 percent above the August 2017 rate of 1,172,000.
Single-family housing starts in August were at a rate of 876,000; this is 1.9 percent above the revised July figure of 860,000. The August rate for units in buildings with five units or more was 392,000.
Housing Completions
Privately-owned housing completions in August were at a seasonally adjusted annual rate of 1,213,000. This is 2.5 percent above the revised July estimate of 1,183,000 and is 11.2 percent above the August 2017 rate of 1,091,000.
Single-family housing completions in August were at a rate of 923,000; this is 11.6 percent above the revised July rate of 827,000. The August rate for units in buildings with five units or more was 285,000.
Starts and Permits 1960-Present
January 1962
August 2018
There were more starts in 1962 than today. People cannot afford houses.
