by Calculated Risk on 9/17/2008 08:30:00 AM

Single-family starts were at 630 thousand in August; the lowest level since January 1991. Single-family permits were at 554 thousand in August, suggesting single family starts will fall even further next month.

Click on graph for larger image in new window.

The graph shows total housing starts vs. single family housing starts.

Note that the current recession on the graph is not official.

Here is the Census Bureau reports on housing Permits, Starts and Completions.

Building permits decreased:

Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 854,000.
This is 8.9 percent below the revised July rate of 937,000 and is 36.4 percent below the revised August 2007 estimate of 1,343,000.

Single-family authorizations in August were at a rate of 554,000; this is 5.1 percent below the July figure of 584,000.

The declines in single family permits suggest further declines in starts next month.

On housing starts:

Privately-owned housing starts in August were at a seasonally adjusted annual rate of 895,000. This is 6.2 percent below the revised July estimate of 954,000 and is 33.1 percent below the revised August 2007 rate of 1,337,000.

Single-family housing starts in August were at a rate of 630,000; this is 1.9 percent below the July figure of 642,000..

And on completions:

Privately-owned housing completions in August were at a seasonally adjusted annual rate of 961,000. This is 9.8 percent below the revised July estimate of 1,065,000 and is 35.8 percent below the revised August 2007 rate of 1,498,000.

Single-family housing completions in August were at a rate of 676,000; this is 17.0 percent below the July figure of 814,000.

Notice that single-family completions fell sharply, but are still higher than single-family starts. This is important because residential construction employment tends to follow completions.