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US New Residential Construction Surges 22.6% in July

August 18, 2020

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the
following new residential construction statistics for July 2020:

Building Permits

Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,495,000. Wall Street was only expecting 1.24 million units.

This is 18.8 percent (1.1 percent) above the revised June rate of 1,258,000 and is 9.4 percent (1.5 percent) above the July 2019 rate of 1,366,000. Single-family authorizations in July were at a rate of 983,000; this is 17.0 percent (1.2 percent) above the revised June figure of 840,000. Authorizations of units in buildings with five units or more were at a rate of 467,000 in July.

Housing Starts

Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,496,000. This is 22.6 percent (14.7 percent) above the revised June estimate of 1,220,000 and is 23.4 percent (12.4 percent) above the July 2019 rate of 1,212,000. Single-family housing starts in July were at a rate of 940,000; this is 8.2 percent (10.3 percent)* above the revised June figure of 869,000. The July rate for units in buildings with five units or more was 547,000.

Housing Completions

Privately-owned housing completions in July were at a seasonally adjusted annual rate of 1,280,000. This is 3.6 percent (14.9 percent)* above the revised June estimate of 1,236,000 and is 1.7 percent (12.8 percent)* above the July 2019 rate of 1,258,000. Single-family housing completions in July were at a rate of 909,000; this is 1.8 percent (16.8 percent)* below the revised June rate of 926,000. The July rate for units in buildings with five units or more was 364,000.

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