Market Updates
Housing Completions Jumped in June; Building Permits and Housing Starts Surpassed Expectations
Brian Turner
17 Jul, 2024
Washington, D.C.
Housing starts and completions were ahead of the market's expectations, the U.S. Census Bureau reported Wednesday.
Housing starts in June increased 3% from the previous month to an annualized rate of 1.353 million, building permits rose 3.4% to 1.446 million, and completions soared 10.1% to 1.71 million.
Building permits declined 3.1% from the corresponding month a year ago, and housing starts fell 4.4% over the same period.
Housing starts growth was driven by a 22% surge from the previous month in five units or more to 360,000, overcoming the 2.2% decline in single-family starts in June to an annual rate of 980,000.
Privately-owned housing completions reached an annual rate of 1.71 million, an increase of 10.1% from the revised May estimate of 1.553 million, 15.5% higher than the 1.48 million rate in the corresponding month a year ago.
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