New Residential Building Permits: Up 6% in August

The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for August new residential building permits. The latest reading of 1.728M was up 6% from the July reading and is above the forecast of 1.600M.

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 August were at a seasonally adjusted annual rate of 1,728,000. This is 6.0 percent (±1.4 percent) above the revised July rate of 1,630,000 and is 13.5 percent (±1.8 percent) above the August 2020 rate of 1,522,000. Single‐family authorizations in August were at a rate of 1,054,000; this is 0.6 percent (±1.3 percent)* above the revised July figure of 1,048,000. Authorizations of units in buildings with five units or more were at a rate of 632,000 in August. [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.