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US July housing starts approach eight-year high, permits fall

by ChemOrbis Editorial Team -
  • 18/08/2015 (17:23)
According to data released by the US Commerce Department, US housing starts reached the highest levels seen since October 2007 in July, rising by 0.2% to a seasonally adjusted annual pace of 1.21 million units. This was attributed to higher construction of single-family homes. July housing starts also topped economists’ initial estimates, which called for an annualized pace of 1.19 million units in a survey by Reuters. The Commerce Department also upwardly revised its June figures to a 1.20 million-unit rate from its previously reported figure of 1.17 million units.

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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