Mixed Results on New Residential Construction Activity

The residential construction market experienced a combination of highs and lows last month, according to data released by the U.S. Census Bureau and the U.S. Department of Housing & Urban Development (HUD).

Single-family housing starts in August were at a rate of 739,000, which is 3.0 percent below the revised July figure of 762,000. Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,126,000, which is 3.0 percent below the revised July estimate of 1,161,000, but is 16.6 percent above the August 2014 rate of 966,000.

However, single-family authorizations in August were at a rate of 699,000, which is 2.8 percent above the revised July figure of 680,000, while privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,170,000, which is 3.5 percent above the revised July rate of 1,130,000 and 12.5 percent above the August 2014 estimate of 1,040,000.

Furthermore, single-family housing completions in August were at a rate of 646,000, which is 1.6 percent above the revised July rate of 636,000. But privately-owned housing completions in August were at a seasonally adjusted annual rate of 935,000, which is 6.1 percent below the revised July estimate of 996,000—yet it also 3.3 percent above the August 2014 rate of 905,000.