US New Residential Construction

Data Real Estate

Source: Census Bureau
Source Link: https://www.census.gov/
Frequency: Monthly
Next Release(s): September 17th, 2025 8:30 AM

Latest Updates

Total new housing starts jumped 5.2% MoM and 12.9% YoY to a SAAR of 1.428 mil in July, well above expectations of a SAAR of 1.300 mil.
- Housing starts were up in both the single-family (+2.8% MoM) and multi-family (+11.6% MoM) categories, with the latter at its highest in over a year.
- On a YTD basis, housing starts are up 1.6% compared to the same period a year ago, driven by gains in 2-4 unit starts (+35.0%) and 5+ unit starts (+18.1%) while single-family YTD starts are down -4.2%.
- Total building permits issued dropped -2.8% MoM and -5.7% YoY to a SAAR 1.354 mil, below expectations of a SAAR of 1.390 mil.
- Total units authorized but not started was down -2.6% MoM and -8.4% YoY, dragged down by an -11.8% YoY drop in the multi-family category.
- Total housing units under construction was at a SAAR of 1.357 mil, basically unchanged from June but down -12.4% YoY.
- Total housing completions was at a SAAR of 1.415 mil, up 6.0% MoM but down -13.5% YoY.
Housing starts rose 4.6% MoM in June to 1.321 million, slightly above expectations of 1.300 million, but YoY starts were down -3.1%.
- Single-family starts dropped -4.6% MoM and -10.0% YoY to 883k, the lowest since July 2024, while multi-family starts surged 30.6% MoM to 414k.
- Building permits edged up 0.2% MoM to 1.397 million but were down -4.4% YoY.
- Single-family permits fell -3.7% MoM and -8.4% YoY to 866k, and multi-family permits rose 8.1% MoM to 478k.
- Units under construction declined -0.4% MoM and -13.4% YoY with declines in both single- and multi-family units under construction
- Total housing completions fell -14.7% MoM and -24.1% YoY to 1.3`4 million, with sharp declines in both single- and multi-family completions.
Housing starts fell -9.8% MoM and -4.6% YoY to 1.256 million in May, below expectations of a smaller drop to 1.360 million. April starts were revised up slightly to 1.392 million from 1.361 million in the first estimate.
- Single-family starts were mostly unchanged at 0.4% MoM while multi-family starts crashed -30.4% MoM to 316k.
- Through the first five months of the year, starts are down -1.5% YoY compared to the same period last year.
- Building permits dropped -2.0% MoM -1.0% YoY to 1.393 million, below expectations of a small decline to 1.430 million and the lowest total since June 2020.
- Single-family permits issued are down -2.7% MoM and -6.4% YoY to the lowest since April 2023.
- Through the first five months of the year, permits are down -4.7% YoY compared to the same period last year.
- Housing units under construction dropped -1.4% MoM and -13.7% YoY to the lowest since June 2021. On the other hand, total completed homes increased 5.4% MoM after dropping in April.
US housing starts increased 1.6% MoM to 1.361 million in April, slightly below expectations.
- Total single-family housing starts fell -2.1% MoM and -12.0% YoY as the annualized rate fell to the lowest since July 2024.
- Multifamily starts increased 11.1% MoM and 28.8% YoY to the highest annualized rate since December 2023.
- Total building permits fell -4.7% MoM and -3.2% YoY to the lowest since May 2024.
- Housing completions fell -5.9% MoM and -12.3% YoY, and homes under construction fell -0.6% MoM and -14.3% YoY. This points to a trend of lower housing supply to start Q2.
US housing starts fell -11.4% MoM to 1.324 million in March, well below expectations of starts increasing at an annual rate of 1.420 million.
- Total single-family housing starts crashed -14.2% MoM and -9.7% YoY to the lowest since July 2024.
- Multifamily starts were unchanged on a monthly basis and up 45.8% YoY.
- In Q1 2025, total housing starts were down -1.5% YoY with single-family starts down -5.6% YoY.
- Total building permits increased 1.6% MoM but were down -0.2% YoY. In Q1 2025, permits were down -3.7% YoY.
- Housing completions fell -2.1% MoM but were up 3.9% YoY, and homes under construction fell -1.3% MoM and -15.2% YoY. This points to a trend of lower housing supply to end Q1.
Housing starts posted a strong beat, up 11.2% MoM to 1.501 million, above the 1.380 million expected and were down -2.9% YoY.
- Single family starts were up 11.4% MoM, and multi family starts were up 12.1% MoM
- Building permits, on the other hand, fell -1.2% MoM to 1.456 million, mostly in line with 1.450 million expected, and were down -6.8% YoY.
- Single family and multi family (5 units+) permits were down -0.2% MoM and -4.3% YoY, and multi family (2-4 units) permits were up 5.3% MoM.
- Housing supply in the pipeline continues to be weak as homes under construction increased just 0.1% MoM and was still around 3.5 year lows and homes completed fell -4.0% MoM and -6.2% YoY.
US housing starts crashed -9.8% MoM to 1.366 million in January, below an expected pace of 1.400 million. On an annual basis, starts were down -0.7%.
- Both single family (-8.4% MoM) and multi-family (-11.0% MoM) starts saw sharp declines following the rise in interest rates through December.
- Total building permits edged up 0.1% MoM to 1.483 million, above expectations of a 1.460 million pace. On an annual basis, this is down -1.7%.
- Housing under construction fell -1.4% MoM and -15.6% YoY, but housing completed jumped 7.6% MoM and 9.8% YoY.
US total housing starts jumped 15.8% MoM in December to 1.50 million, the fastest pace since February and above expectations of 1.32 million. Single-family starts were up just 3.3% MoM while multi-family starts jumped 48.9% MoM to 418k, the highest in a year. Housing starts were still down -4.4% YoY and down -3.9% for the entire year. Building permits saw a decline of -0.7% MoM which was smaller than expected. In total, building permits issued fell -2.6% in 2024.
US housing starts sagged -1.8% MoM in November to a 4-month low of 1.289 mil (vs 1.340 mil expected). Single-family starts were up 6.4% MoM, but that was offset by a -24.1% MoM decline in multifamily housing starts to 264k, the lowest since March. Through November, 2024 starts are -4.3% below the same period last year.

While starts were lower, building permits increased 6.1% MoM with single-family permits mostly flat and multi-family permits up 22.1% MoM. The November increase is the strongest monthly rise since February 2023. Building permits through November are also lower vs the same period in 2023, down -2.1%. While both starts and permits are lower, housing completions up 9.2% YoY in November and up 13.7% on a YTD basis point to an improvement in housing supply