July’s new residential construction data showed increases in building permits, housing starts and housing completions according to the US Census Bureau and the Department of Housing and Urban Development.
Building permits for privately-owned housing units were 8.1% greater in July compared to the revised June rate and 7.7% greater than a year ago. Month-over-month, July housing starts for privately-owned housing were 15.7% greater than in June while housing completions were up 3.7% over June’s revised figures.
Single-family authorizations in July remained relatively flat compared to June with only a 0.9% increase. Housing starts for single-family homes rose 8.3% above June’s revised amount while July’s single-family housing completions rose 6.2% from the prior month. To read the full press release, visit http://1.usa.gov/1lfHAJD.
The US Census Bureau and the Department of Housing and Urban Development’s press release came on the heels of the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) report for August which reflected an increase in builder “confidence in the market for newly built, single-family homes.” NAHB Chairman Kevin Kelly stated, “As the employment picture brightens, builders are seeing a noticeable increase in the number of serious buyers entering the market.” Visit http://bit.ly/1n6Wdd9 to view the full HMI report.