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Greenville Business Magazine

Housing starts, permits drop again for US, but South sees increases

Jul 19, 2018 01:37PM ● By Chris Haire
The number of privately owned building permits and housing starts dropped in June to the lowest levels in nine months, according to a new U.S. Census Bureau and the U.S. Department of Housing and Urban Development report. The figures include both single-family and multi-family units.

According to the report, building permits in June were at a seasonally adjusted annual rate of 1,273,000 (down 2.2 percent from May), while housing starts in June were at a seasonally adjusted annual rate of 1,173,000 (down 12.3 from the month prior).

The South, meanwhile, saw a 6.2 percent increase in June over May, making the region the sole part of the United States to see positive growth. However, the South saw a 9.1 percent decrease in the number of new starts in June compared to May.

Regardless, the bulk of new permits and starts remains concentrated in the South, which saw double the number of new permits and nearly twice the number of starts as the West, the region with the next highest figures. The South is up year-to-year in both categories well. 

Housing reports on the individual South Carolina metropolitan areas will be released next week.

The South is not only the most populous region of the nation, according to the Census Bureau, but the fastest growing. The population growth is largely driven by individuals migrating from other states.