What’s Happening to US Homebuilding?

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Danushka Nanayakkara-Skillington, assistant vice president for forecasting and analysis at the National Association of Home Builders, said “the decline in single-family permits indicates that builders are slowing down construction activities as costs rise.”

Read more: Builders Sentiment Drops To Lowest Since July 2020

Permits rose to 1.64 million units year on year, up 2.6% from the revised 1.59 million in June. Single family permits fell 1.7% to 1.04 million, while apartment building permits stood at 532,000 in July.

“The number of permits for the construction of single-family homes has decreased slightly over the month, but was higher than a year ago and remains higher than the number of initial ones,” Fratantoni said. “The pace of construction should continue to pick up, especially if supply chain constraints begin to ease.”

The number of housing units built in July rose 5.6% from the previous month to 1.40 million units and was 3.8% higher than the July 2020 figure of 1.34 million.

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