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Homebuilding is on Fire; Best Pace in Over a Decade

Homebuilding is on Fire; Best Pace in Over a Decade

Residential construction rates soared in July with both permits and starts increasing from their June pace by double digits and topping 2019 numbers for the same period. Completions also rose, but at a more subdued rate. The U.S. Census Bureau and Department of Housing and Urban Development said permits were issued during the month at a seasonally adjusted annual rate of 1,495,000, an 18.8 percent gain from June. That June rate was also higher than originally reported, revised from 1,241,000 to 1,258,000. Permitting is now up by 9.4 percent from the same period in 2019. Permitting was significantly higher than had been forecast - with estimates among analysts polled by Econoday of 1,200,000 to 1,380,000 units. The consensus was 1,300,000. Single-family permits were issued at the rate of 983
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