Housing starts

How many new homes broke ground, at an annual rate.

What it measures

Privately owned housing units — single-family houses and apartments alike — on which construction started, counted when the foundation work begins.

How it is measured

The Census Bureau’s Survey of Construction, sampled from building permits, sponsored with HUD. Monthly, at a seasonally adjusted annual rate.

Reading it over a presidential term

Very volatile month to month, with wide error margins on any single print, so an average level over a term is steadier than a start-to-end comparison. It responds quickly to mortgage rates, which are set well outside the White House.

What it leaves out

Starts are not completions, and they are not affordability: a record year of starts can coincide with rising prices. It counts units, so a 200-unit apartment building and 200 houses look the same.

Chart this series · See it by president · Download the data · The source at FRED