Housing Starts at Highest Level Since October 2007

Washington, DC, August 19, 2015—Led by a strong jump in single-family production, nationwide housing starts inched up 0.2% to a seasonally adjusted annual rate of 1.206 million units in July, according to data from the U.S. Department of Housing and Urban Development and the Commerce Department.

This is the highest level since October 2007.

Single-family starts rose 12.8% to a seasonally adjusted annual rate of 782,000 units after an upwardly revised June reading, while multifamily production fell 17% to 424,000 units. 

“Our builders are reporting more confidence in the market, and are stepping up production of single-family homes as a result,” said NAHB Chairman Tom Woods, a home builder from Blue Springs, Missouri. “However, builders are still reporting problems accessing land and labor.”

Regionally in July, combined single- and multifamily starts rose by 20.1% in the Midwest and 7.7% in the South. The Northeast and West posted respective losses of 27.5% and 3.1%.

After several months of permit gains, overall permits fell 16.3% in July. Single-family permits dipped 1.9% to a rate of 679,000 while multifamily permits dropped 31.8% to 440,000.

All four regions posted permit losses in June. The Northeast, Midwest, South and West posted respective drops of 60.2%, 4.6%, 1.7% and 9.9%.