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Housing Starts
|
|
|
|
 |
MOST RECENT STATISTIC:
(Total, seasonally adjusted) |
546,000 |
| GRADE: |
D- |
| Single-family |
432,000 |
| Multifamily(5+units) |
95,000 |
| Multifamily(2-4units) |
19,000 |
|
|
|
|
|
| PERIOD COVERED: |
July 2010 |
| Date Released: |
8/17/10 |
| Next Release: |
9/21/10 |
|
|
|
July-10 |
June-10 |
May-10 |
July-09 |
July-08 |
|
| Single-family (000) |
432 |
451 |
459 |
500 |
615 |
| % Change |
-- |
(4.2%) |
(5.9%) |
(13.6%) |
(29.8%) |
|
|
|
|
|
|
| Multifamily 5+ (000) |
95 |
81 |
117 |
72 |
294 |
| % Change |
-- |
17.3% |
(18.8%) |
31.9% |
(67.7%) |
|
|
|
|
|
|
| Total (000) |
546 |
537 |
588 |
587 |
923 |
| % Change |
-- |
1.7% |
(7.1%) |
(7.0%) |
(40.8%) |
|
| Source:
U.S. Census Bureau |
(Percentage Change from
Previous Year - Not Seasonally Adjusted)
|
Current
Month |
Latest
3 Months |
Year-to-Date |
 |
| United States |
(9.9%) |
(4.3%) |
9.9% |
| South Region |
(11.1%) |
(1.6%) |
13.8% |
| West Region |
(16.1%) |
(13.8%) |
0.7% |
| Midwest Region |
(16.1%) |
(4.8%) |
5.5% |
| Northeast Region |
21.3% |
4.5% |
16.6% |
|
|
Analysis for the Housing Market
By:Jonas Adams
The total number of homes started for the purpose of residential construction increased slightly in July. The total start level was just 9,000 units above the level seen last month. During the period a total of 546,000 units were started, a 2% gain from the level seen in June. Total starts in July were 7% below the year-ago figure and 41% below the July 2008 level.
Single-family starts were down only slightly in July by 4% from the figure reported in June, 14% below July 2009, and 30% below the July 2008 rate.
Multifamily starts exhibited a moderate gain in July, 17% above the level seen in June. Multifamily starts this month were 32% above the July 2009 figure, and 68% lower than July 2008.
Given the fragile state of general economic growth and particularly employment losses, the recovery of homebuilding activity in 2010 will continue to be slow at best. Homebuilders should carefully monitor local conditions, especially employment, as housing demand will vary depending on economic factors at the local level.
Definitions and Importance for the Housing Market
By:Jonas Adams
The Census Bureau's estimate of housing starts is based on a survey of all permits issued during the previous month in approximately 840 permit issuing places across the country. For each permit selected, an inquiry is made of the owner or the builder to determine in which month or year the unit(s) covered by the permit was (were) started. For units authorized by permits that are not started by the end of the month, follow-ups are made during successive months to determine when the units were actually started. Information on housing units that are authorized by local building permits relates to the time of issuance rather than to the actual start of construction. Thus, building permit issuance provides an indication of the residential building activity expected to occur in advance of actual construction. Housing starts measure the number of units permitted that actually start construction. Construction usually begins in the same month in which the permit is issued, although several months may pass before start of construction. The U. S. Census estimates that as few as 1 to 2 percent of residential permits never result in housing starts.
For more information on housing starts, go to:
http://www.census.gov/const/www/newresconstindex.html
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