The U.S. Census Bureau reported privately-owned housing starts surged 19.0% in June. The seasonally adjusted annual rate reached 1,427,000 units. This figure significantly exceeded May’s revised estimate of 1,199,000 units. The volatile multi-family segment primarily drove the headline increase.
Single-family housing starts remained nearly flat with a 0.2% monthly decline. Total building permits fell 3.0% during the month. The annual rate for permits dropped to 1,367,000 units. Single-family authorizations also decreased by 2.4%.
The decline in forward-looking permits suggests growing caution among homebuilders. This trend signals a potential cooling for retailers and the broader economy.