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  • Monthly new residential construction, August 2023

    From census.gov Story is in PDF Format

    The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for August 2023: tables Privately‐owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,543,000. This is 6.9 percent above the revised July rate of 1,443,000, but is 2.7 percent below the August 2022 rate of 1,586,000. Single‐family authorizations in August were at a rate of 949,000; this is 2.0 percent above the revised July figure of 930,000. Authorizations of units in buildings with five units or more were at ... (full story)

Added at 8:42am

  • US Housing Starts tumbled 11.3% in August, Building Permits jumped 6.9%

    From fxstreet.com

    The monthly data published by the US Census Bureau revealed on Tuesday that Housing Starts tumbled 11.3% on a monthly basis in August, following a 2% increase (revised from 3.9%) recorded in July, to a seasonally adjusted annual rate of 1,283 million. This reading came in worse than the market expectation for a decline to 1,44 million. In the same period, Building Permits, which rose 0.1% in July, increased 6.9%., to a seasonally adjusted annual rate of 1,543,000; surpassing the 1,445,000 of market consensus. The US Dollar Index showed no immediate reaction to these figures and was last seen fluctuating near daily ... (full story)

Housing affordability crushing starts. Many in US who wants to buy being unable to cough up monthly payments required to cover all that luxury inventory which builders are forced to produce. Forced to produce as development costs drive margins and only high end housing has any profit potential.

Starts falling hard means one thing, there is a weak buyers market for new housing inventory. Builders are shutting down.
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