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- U.S. housing starts decrease more than expected in July
U.S. housing starts decrease more than expected in July
The
Commerce Department reported on Wednesday the housing starts plunged by 7.0
percent m-o-m in July to a seasonally adjusted annual pace of 1.534 million
(the lowest level since April), while building permits rose by 2.6 percent
m-o-m to a seasonally adjusted annual rate of 1.635.
Economists
had forecast housing starts decreasing to a pace of 1.600 million units last
month and building permits growing to a pace of 1.610 million units.
Data
for June was revised to show homebuilding increasing to a pace of 1.650 million
units, instead of increasing at a rate of 1.643 million units as previously
reported.
According
to the report, permits for single-family homes, the largest segment of the
market, fell 1.7 percent m-o-m in July, while approvals for the multi-family
homes segment surged 11.2 percent m-o-m.
In
the meantime, groundbreaking on single-family homes declined 4.5 percent m-o-m
in July, while housing starts for the multi-family tumbled 13.6 percent m-o-m.
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