Privately owned housing starts in July were at a seasonally adjusted rate of 896,000, according to the U.S. Department of Commerce. This is 5.9 percent above the June estimate and 20.9 percent above July 2012. The increase came as a result of multifamily starts surging 25.5 percent from June to 290,000; single-family housing starts fell 2.2 percent in July to 591,000.
"Today's report is in line with our forecast for continued, gradual strengthening of housing starts and permit activity through the rest of the year," said NAHB Chief Economist David Crowe in a statement. "The double-digit bounce-back on the multifamily side was in keeping with typical month-to-month volatility in that sector, while the sideways movement in single-family was a result of unusually wet weather in the South and West."
The number of privately owned housing building permits rose 2.7 percent from June to 943,000. This is 12.4 percent above July 2013's 839,000. Single-family permits dipped 1.9 percent to 613,000, while multifamily permits saw a 13.5 percent increase to 303,000.
In July 774,000 privately owned housing structures were completed, a 1.8 percent increase from June and a 15.0 percent increase from July 2012. Single-family completions increased 5.9 percent from June to 571,000, while multifamily completions fell 5.8 percent to 195,000.
