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Multifamily Construction Drags Down Housing Starts Data

by devteam September 18th, 2013 | Share

Building permits for the construction ofrnnew privately owned residential units fell 3.8 percent in August to arnseasonally adjusted annual rate of 918,000 the Census Bureau and the Departmentrnof Housing and Urban Development said today.  The July estimate of permits issued wasrnadjusted upward from 943,000 to 954,000. rnAugust permits were issued at a rate that was 11.0 percent higher thanrnthe 827,000 permits issued in August 2012.</p

Permits for single-family residences</bwere issued at a rate of 627,000, up 3.0 percent from the revised July numberrnof 609,000.  That number was a revisionrnof the earlier estimate of 613,000.  Therernwere an estimated 520,000 single family permits issued in August 2012.  Construction authorizations for units in buildingsrnwith five or more totaled 268,000 compared to 318,000 in July.</p

August housing starts were at arnseasonally adjusted rate of 891,000, an increase of 0.9 percent from July andrn19.0 percent from one year earlier.  ThernJuly estimate of housing starts was revised from 896,000 to 883,000.</p

Construction was begun on single familyrnunits at an annual rate of 628,000, 7.0 percent higher than in July.  The July number was revised from 591,000 torn587,000.  The year-over-year increasernfrom the 520,000 single family permits issued in August 2012 was 20.6rnpercent.  Multi-family permits werernissued at a rate of 252,000 units compared to 278,000 units in July and 205,000rnunits in August 2012.</p

Privately owned houses were completed atrna rate of 769,000, up 0.3 percent from 767,000 in July and 12.1 percent from 686,000rnone year earlier.  The Census Bureaurnoriginally estimated completions in July at 774,000.  Single family completions rose 0.5 percent torn573,000 and multi-family units rose 1.1 percent to 252,000.</p

There were 101.600 outstanding permitsrnat the end of the reporting period, virtually unchanged from a month earlier.  About 54,000 were permits for single-familyrnconstruction and 45,600 were for units in buildings with five or more.  There were a total of 654,000 units underrnconstruction at the end of the period, almost equally divided between singlernfamily and multi-family units.</p

Permits were issued in the Northeast atrna rate 10.6 percent above July and 52.4 percent higher than one year earlier.  Housing starts fell 8.2 percent from thernprevious month but were up 34.7 percent on an annual basis</p

Permitting rose in the Midwest by 4.5rnpercent month-over-month and 25.8 percent year-over-year.   Starts fell 3.3 percent from July butrnremained 14.8 percent higher than a year earlier.</p

In the South permits fell 10.0 percentrnfrom July and 4.0 percent from August 2012. rnHousing starts were up 12.0 percent and 16.8 percent respectively.</p

In the West permits were issued at arnrate 3.9 percent below the previous month and 17.1 percent above a yearrnearlier.  Housing starts were down 10.9rnpercent for the month but were 20.0 percent above last August.

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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