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US housing starts, building permits fall in August

by ChemOrbis Editorial Team -
  • 20/09/2016 (10:02)
According to media reports, US housing starts decreased more than projected in August on the back of the decline in building activity after witnessing two straight months of increases. The data from the US Commerce Department showed that housing starts plunged 5.8% to a seasonally adjusted annual pace of 1.14 million units in August, missing economists’ estimates, which called for a pace of 1.19 million units.

Construction of single-family houses declined 6% to 722,000 units in August, the lowest level recorded since October 2015 while housing starts for volatile multi-family houses fell 5.4 % to 420,000 units.

Meanwhile, US building permits were down by 0.4% to 1.14 million in August while economists had expected building permits to increase to 1.17 million units. Permits for single-family houses were up 3.7% to 737,000 units while multi-family building permits rose 7.2% to 402,000 units in August. Rising permits for the construction of single-family houses in August signals that the single-family house building may rebound next month.
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