Construction Pipeline: Starts vs Completions
The residential construction pipeline's flows, split the way the market actually splits: single-family (owner market) and 5+ unit multifamily (rental market), each as starts (intake) vs completions (output), monthly since 1968 from the Census Bureau. New-home sales cover only single-family — mixing the two hides opposing cycles.
Single-family starts (K, SAAR)
Next release: Sep 17, 2026
Latest reading
As of July 2026, Construction Flows (Single-family starts (K, SAAR)) stands at 808K — down from 897K the prior reading, 56% below the January 2006 record of 1.82M. Completions exceeding starts means the pipeline is draining — future supply thinning. The two segments regularly diverge: the 2022-24 multifamily boom delivered record apartment completions even as single-family starts stalled. Monthly prints are noisy; the tracker smooths with a 3-month average. Series history runs from 1968 to present.
Sources, methodology & freshnessLast updated 2026-09-04 · Open ↓Close ↑
Full history
Single-family: starts vs completions
Multifamily starts
Starts of units in 5+ unit buildings — the rental-supply pipeline's intake, and the more rate-sensitive of the two markets.
Multifamily completions
Completions of 5+ unit buildings — the record 2024-25 apartment deliveries that cooled rents came through this series.
Methodology & data
Construction Flows is sourced from Census via the Federal Reserve's FRED service (US Census Bureau via FRED (HOUST1F, COMPU1USA, HOUST5F, COMPU5MUSA), monthly SAAR, thousands of units). We pull the complete history, chart it on a monthly basis, overlay SPY for context, and generate a dated plain-English reading from the latest release — with no smoothing or adjustment beyond what the chart legend states.
Every reading is stamped with its release date, last updated 2026-09-04. Maintained and reviewed by Yuriy Matso; see our methodology for the standards every series on the site is held to.
Frequently asked questions
What is the Construction Pipeline: Starts vs Completions?
The residential construction pipeline's flows, split the way the market actually splits: single-family (owner market) and 5+ unit multifamily (rental market), each as starts (intake) vs completions (output), monthly since 1968 from the Census Bureau. New-home sales cover only single-family — mixing the two hides opposing cycles.
How do you read Construction Flows?
Completions exceeding starts means the pipeline is draining — future supply thinning. The two segments regularly diverge: the 2022-24 multifamily boom delivered record apartment completions even as single-family starts stalled. Monthly prints are noisy; the tracker smooths with a 3-month average.
Where does the Construction Flows data come from?
US Census Bureau via FRED (HOUST1F, COMPU1USA, HOUST5F, COMPU5MUSA), monthly SAAR, thousands of units. We chart the full history and publish a dated, plain-English reading with every release; the raw series is downloadable as CSV at /data/indicators/construction-pipeline.csv.
How often is Construction Flows updated?
Construction Flows is a monthly series from Census, refreshed here as soon as a new release posts to FRED.
Single-family starts (K, SAAR)
Next release: Sep 17, 2026