New Residential Building Permits: Up 2.6% in July

The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for July new residential building permits. The latest reading of 1.635M was up 2.57% from the June reading and is above the forecast of 1.610M.

Here is the opening of this morning's monthly report, including a note regarding revisions:

Building Permits

Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,635,000. This is 2.6 percent (±0.9 percent) above the revised June rate of 1,594,000 and is 6.0 percent (±0.9 percent) above the July 2020 rate of 1,542,000. Single‐family authorizations in July were at a rate of 1,048,000; this is 1.7 percent (±0.8 percent) below the revised June figure of 1,066,000. Authorizations of units in buildings with five units or more were at a rate of 532,000 in July. [link to report]

Here is the complete historical series, which dates from 1960. Because of the extreme volatility of the monthly data points, a 6-month moving average has been included.