July 2016 Housing Starts Climb 5.6% Over July 2015

New residential construction report for July 2016

By Jeff Sorg, OnlineEd Blog

housing graph 3(August 18, 2016) – The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for July 2016:

BUILDING PERMITS Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,152,000. This is 0.1 percent (±1.2%)* below the revised June rate of 1,153,000, but is 0.9 percent (±1.5%)* above the July 2015 estimate of 1,142,000. Single-family authorizations in July were at a rate of 711,000; this is 3.7 percent (±1.4%) below the revised June figure of 738,000. Authorizations of units in buildings with five units or more were at a rate of 411,000 in July.

HOUSING STARTS Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,211,000. This is 2.1 percent (±8.8%)* above the revised June estimate of 1,186,000 and is 5.6 percent (±14.7%)* above the July 2015 rate of 1,147,000. Single-family housing starts in July were at a rate of 770,000; this is 0.5 percent (±8.6%)* above the revised June figure of 766,000. The July rate for units in buildings with five units or more was 433,000.

HOUSING COMPLETIONS Privately-owned housing completions in July were at a seasonally adjusted annual rate of 1,026,000. This is 8.3 percent (±8.9%)* below the revised June estimate of 1,119,000, but is 3.2 percent (±11.2%)* above the July 2015 rate of 994,000. Single-family housing completions in July were at a rate of 743,000; this is 0.4 percent (±8.8%)* below the revised June rate of 746,000. The July rate for units in buildings with five units or more was 275,000

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About Jeff Sorg

Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center's CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee. OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.