Housing starts and permits tumble in July: Financial News - Yahoo! Finance
New Residential Construction Index - US Census
UPDATE 1-US housing starts and permits tumble in July | Markets | Markets News | Reuters
Single-family housing permits fall to 26-year low in July - MarketWatch
It is stated that the 965,000 annualized starts in the United States is the lowest in 17 years. However this understates the position.
In 1991 the US population was 252 million – which if the annualized build was then 965,000 – would suggest a build rate per thousand population of 3.82.
With the latest annualized build of 965,000 units and an estimated current population of 305 million – this suggests that the current build rate per thousand population is 3.16.
Researchers / media would need to research when “build rates per 1000 population” were last as low as 3.16 / 1000 in the United States. The leading indicator – permits – suggests that starts have further to fall.
It appears United Kingdom builds have slumped to 1.6 / 1000 – lower than figures through the Great Depression – and California is currently at around 1.9 / 1000 population.
It is misleading to quote “raw figures” without referring to population statistics – when comparing current performance with that of earlier years.
Hugh Pavletich
Co author
Demographia International Housing Affordability Survey
Christchurch
New Zealand
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