New Residential Construction Data from the U.S. Census Bureau
In August 2024, the latest report on residential construction shows a mixed yet generally positive trend in building activity. Privately-owned housing permits increased to a seasonally adjusted annual rate of 1,475,000, marking a 4.9% rise from July, though it remains 6.5% below the same month last year. Single-family authorizations also saw growth, reaching 967,000, a 2.8% increase from July. However, the multifamily segment reported 451,000 authorizations, indicating a continued focus on diverse housing types as demand for single-family homes remains strong.
Housing starts experienced a notable increase in August, reaching a seasonally adjusted annual rate of 1,356,000, which is up 9.6% from July and 3.9% year-over-year. Single-family starts surged by 15.8% to 992,000, reflecting robust demand in this sector. On the completion side, housing completions rose significantly to an annualized rate of 1,788,000, a 30.2% increase compared to August 2023. While single-family completions saw a slight dip of 5.6% from July, the overall numbers suggest a healthy construction pipeline. For home builders and developers, these statistics underscore the importance of staying attuned to market shifts and aligning project strategies with current demand dynamics.
