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- U.S. housing starts fall more than expected in July
U.S. housing starts fall more than expected in July
The Commerce
Department reported on Friday the building permits issued for privately owned
housing units climbed by 8.4 percent m-o-m in July (the largest advance since
June 2017) to a seasonally adjusted annual pace of 1.336 million, while housing
starts fell by 4.0 percent m-o-m to an annual rate of 1.191 million.
Economists had
forecast housing starts decreasing by 1.7 percent m-o-m last month and building
permits surging by 3.1 percent m-o-m.
Data for June
was revised down to show homebuilding declining to a pace of 1.241 million
units, instead of falling to a rate of 1.253 million units as previously
reported.
According to
the report, permits for single-family homes, the largest segment of the market,
rose 1.8 percent m-o-m at 838,000 in July (the highest level in eight months),
while approvals for the multi-family homes segment surged 21.8 percent m-o-m to
a 498,000 unit-rate.
In the
meantime, groundbreaking on single-family homes rose 1.3 percent m-o-m to a
rate of 876,000 units in July (the highest level in six months), while housing
starts for the multi-family tumbled 16.2 percent m-o-m to a 315,000-unit pace.
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