Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,168,000, +0.9% above the revised June estimate of 1,158,000, but -1.4% below the July 2017 rate of 1,185,000. Single-family housing starts in July were at a rate of 862,000, +0.9% above the revised June figure of 854,000. The July rate for multi-family starts was 303,000, according to U.S. Census data.
“Supply-side challenges including increases in material prices and chronic labor shortages are affecting affordability in many markets,” said NAHB Chief Economist Robert Dietz. “However, consumer demand remains strong due to a growing economy and job market and favorable demographics. Moreover, on a year-to-date basis, single-family construction has shown steady progress, up 7.2, while multi-family production is up +3.4%.”
