US Building Permits Lowest since June 2020

Building permits in the United States fell by 2.8% to a seasonally adjusted annualized rate of 1.354 million in July 2025, the lowest since June 2020 and below market expectations of 1.39 million.

Permits for buildings with five or more units dropped by 9.9% to an annualized rate of 430 thousand, while single-family permits increased by 0.5% to 870 thousand.

Regionally, permits declined in the South (-4.6% to 739 thousand) and the West (-10.1% to 267 thousand), but increased in the Northeast (25.2% to 129 thousand), and in the Midwest (0.5% to 219 thousand).