U.S. Census Bureau, HUD Release July New Residential Construction StatsU.S. Census Bureau, HUD Release July New Residential Construction Stats

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly released residential construction statistics for July 2021.

Housing Starts

Privately‐owned housing starts in July were at a seasonally adjusted annual rate of 1,534,000—7% below the revised June estimate of 1,650,000 but 2.5% above the July 202 rate, according to the data. 

Single‐family housing starts in July were 4.5% below the June figure, at a rate of 1,111,000, according to the data. The July rate for units in buildings with five units or more was 412,000. 

Housing Completions 

Privately‐owned housing completions in July—a seasonally adjusted annual rate of 1,391,000—were 5.6% above the June estimate and 3.8% above the July 2020 rate of 1,340,000. 

Single‐family housing completions in July—954,000—were up 3.6% from June. 

Building Permits

Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,635,000, which is 2.6% above the revised June rate of 1,594,000 and 6 percent above the July 2020 rate of 1,542,000.

Single‐family authorizations in July were 1.7% below the revised June figure of 1,066,000. 

Response

“New home sales have leveled off this summer after a period of rising costs and strong demand,” NAHB Chairman Chuck Fowke said in response to the data.

“While new home sales are up 6.9% on a year-to-date basis, they are down 27% in July compared to the same time last year,” NAHB Chief Economist Robert Dietz added. “Builders will need to watch local home prices relative to incomes, given recent gains in building materials and other construction costs.”

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