Updated: 16-Aug-17 09:13 ET
|Updated: 16-Aug-17 09:13 ET
- Housing starts declined 4.8% to a seasonally adjusted annual
rate of 1.155 million (Briefing.com consensus 1.217 million) after being
revised down to 1.213 million (from 1.215 million) in June.
- Building permits
decreased 4.1% to a seasonally adjusted annual rate of 1.223 million after
being revised up to 1.275 million (from 1.254 million) in June.
- The decline in July starts was paced by a 20.1%
decrease in multi-unit starts and a 7.8% drop in multi-unit permits
- Single-family starts were a mixed bag. Starts in
the Northeast rose 9.8%; starts in the Midwest declined 7.4%; starts in the
South increased 2.0%; and starts in the West fell 4.3%
- Single-family permits were also mixed: Northeast
(-1.8%); Midwest (-3.3%); South (+1.6%); and the West (-1.1%)
- The total number of units under construction at
the end of the period stood at 1.063 million, down from a revised 1.065 (from
1.070 million) in June
key takeaway from the report is that a pullback in starts occurred after a
strong June, returning the series to the middle of a range that has been in
effect over the past two years. Single-family starts declined 0.5% from June,
which won't do much to alleviate supply constraints.
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