Single-family housing starts in August were at a rate of 992,000, according to new data from the U.S. Census Bureau and the Department of Housing and Urban Development. This is 15.8% above the revised July figure of 857,000.
Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1.35 million, which is 9.6% higher than the revised July estimate of 1.23 million and is also 3.9% above the August 2023 rate of 1.3 million.
Single-family authorizations in August were at a rate of 967,000, a 2.8% bump-up from the July figure of 941,000. Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1.47 million, up 4.9% from the revised July rate of 1.4 million but also 6.5% below the August 2023 rate of 1.57 million.
Single-family housing completions in August were at a rate of 1.02 million, which is 5.6% below the revised July rate of 1.09 million. Privately-owned housing completions in August were at a seasonally adjusted annual rate of 1.78 million, up 9.2% from the revised July estimate of 1.63 million and a 30.2% spike from the August 2023 rate of 1.37 million.
“Single-family starts were up in August as demand remains strong despite several supply-side challenges,” observed Carl Harris, chairman of the National Association of Home Builders (NAHB) and custom home builder from Wichita, Kansas. “The rise in single-family construction mirrors an uptick in NAHB’s latest builder survey. However, builders continue to face a challenging environment due to rising construction costs.”
First American Senior Economist Sam Williamson added that while “housing starts in August rebounded from July’s dip to the lowest level since May 2020,” but also pointed out that “single-family permits, a leading indicator of future starts, also rebounded, but remain down 6% from their recent 2024 peak. The increase in August follows several months of declines, perhaps pointing to a stabilization in single-family permits.”
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