Overview

• Total starts increased 5.2% to a 1.428 million annualized pace, with multifamily up about 10% to the strongest rate in more than two years and single-family up 2.8% to 939,000.
• Building permits fell 2.8% to 1.354 million, the weakest since June 2020, as single-family authorizations edged up 0.5% to 870,000 and multifamily permits declined.
• Regional results diverged sharply: starts jumped in the Midwest (33.3%) and South (19.2%) but fell in the Northeast (−26%) and West (−27.5%).
• Builders report thinning single-family pipelines, elevated inventories and price incentives, with mortgage rates easing to about 6.58% but costs and labor pressures curbing plans.
• Canada’s housing starts rose 4% in July to a 294,085 annualized rate, while industry leaders say tariff uncertainty is damping buyer sentiment.