July Housing Starts Show Positive Growth, Edge Up +5.9% to 1.45 Million Starts

Privately‐owned housing starts in July were at a seasonally adjusted annual rate of 1,452,000, +3.9% above the revised June estimate of 1,398,000 and +5.9% above the July 2022 rate of 1,371,000. According to the latest housing data from the U.S. Census Bureau, single‐family housing starts in July were at a rate of 983,000, + 6.7% above the revised June figure of 921,000.

Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,442,000, +0.1% above the revised June rate of 1,441,000, but -13%. below the July 2022 rate of 1,658,000. Single‐family authorizations in July were at a rate of 930,000; +0.6% above the revised June figure of 924,000.

“Total permits declined -13% compared to a year ago, indicating that builders are slowing construction activity as housing costs rise,” said Danushka Nanayakkara-Skillington, NAHB’s assistant VP for forecasting and analysis, in the press release. “And multi-family permits are at their lowest three-month moving average since Dec. 2020, another sign that the market is cooling.”

Click here to download a spreadsheet of all building permit activity on a MSA, state and national basis through July, 2023