The U.S. Census Bureau and the Department of Housing and Urban Development released September 2015 figures for new residential home construction in the United States. This includes the most recent indicators relating to residential building permits, housing starts, and housing completions nationwide. Residential home construction metrics are often used as leading indicators of economic health in the country.
Privately owned housing units that are authorized by building permits currently stand at a seasonally adjusted annualized rate of 1,103,000 units. This represents a decrease of 5.00% from the August 2015 annualized rate of 1,161,000, and an decrease of 2.39% from the July 2015 rate of 1,130,000. Building permits reached a peak of 2,419,000 in December 1972.
Additionally, housing starts were at a seasonally adjusted annualized rate of 1,206,000 units. Once reaching a peak of 2,494,000 in January 1972, housing starts exhibited an increase of 6.54% from the August 2015 annualized rate of 1,132,000, and an increase of 4.69% from the July 2015 rate of 1,152,000.
The last of the three commonly referenced indicators, privately owned housing completions, were at a seasonally adjusted annualized rate of 1,028,000 units. Completions saw an increase of 7.53% from the August 2015 annualized rate of 956,000, and an increase of 3.32% from the July 2015 rate of 995,000.Housing completions are still off of their May 1973 peak of 2,299,000.