Building Permits and Starts Surpass Forecasts in June

Housing Starts Beat Expectations

Housing starts in June also exceeded predictions, coming in at a seasonally adjusted annual rate of 1,353,000 compared to the forecast of 1.30 million. This marks a 3.0% increase from May’s revised estimate of 1,314,000. Despite this month-over-month gain, starts are still 4.4% lower than June 2023, suggesting a tempered pace of new construction compared to last year.

Completions Surge

The most notable development in June’s report is the significant rise in housing completions. At a seasonally adjusted annual rate of 1,710,000, completions jumped 10.1% above May’s revised estimate and soared 15.5% higher than June 2023. This surge in finished homes could help alleviate some of the supply constraints in the housing market.