RESIDENTIAL CONSTRUCTION

The U.S. Department of Commerce and the U.S. Department of Housing and Urban Development recently released the number of building permits and housing starts and completions for August 2003.

Privately owned housing units authorized by building permits were at a seasonally adjusted annual rate of 1,886,000, which is 4.8 percent above the revised July rate of 1,800,000 and is 10.7 percent above the August 2002 estimate of 1,704,000.

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Privately owned housing starts in August were at a seasonally adjusted annual rate of 1,820,000. This is 3.8 percent below the revised July estimate of 1,892,000 but is 11.7 percent above the August 2002 rate of 1,630,000. Single-family housing starts in August 2003 were at a rate of 1,476,000, which is 4 percent below the July figure of 1,537,000.

Privately owned housing completions were at a seasonally adjusted annual rate of 1,575,000. This is 6.5 percent below the revised July estimate of 1,685,000 and 7.6 percent below the August 2002 rate of 1,705,000. Single-family housing completions in August 2003 were at a rate of 1,315,000, which is 7.1 percent below the July figure of 1,415,000.

Source: http://www.census.gov/newresconst

NEW RESIDENTIAL CONSTRUCTION
AUGUST 2002 JULY 2003 AUGUST 2003
Building permits 1,704,000 1,800,000 1,886,000
Housing starts 1,630,000 1,892,000 1,820,000
Housing completions 1,705,000 1,685,000 1,575,000
Source: U.S. Department of Housing and Urban Development/U.S. Department of Commerce

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