July Housing Starts Top One Million, Signaling Renewed Confidence in Market

The U.S. Census said privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,093,000, 15.7% above the revised June estimate of 945,000 and 21.7% above the July 2013 rate of 898,000. Single-family housing starts in July were at a rate of 656,000, 8.3% above the revised June figure of 606,000. The July rate for units in buildings with five units or more was 423,000, up 33% from June and a 49.5% increase from July 2013.

Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a homebuilder from Delaware, said in the press release announcing the July data, “A return to production levels over one million confirms that consumer confidence continues to improve.”