US July housing starts approach eight-year high, permits fall
Housing starts for single family homes rose 12.8% to 782,000 units, posting the highest level since December 2007 while building starts for multi-family houses fell 17% to 424,000 units.
However, July building permits, an indicator of future construction, declined 16.3% to an annualized pace of 1.12 million units after increasing for three consecutive months. Permits for single-family houses were down 1.9% while multi-family building permits slumped 31.8% in July.
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