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US housing starts decline 3% in August, but permits rise 3.5%

by ChemOrbis Editorial Team -
  • 17/09/2015 (17:25)
According to data from the US Commerce Department, US housing starts declined 3.0% to an annualized rate of 1.126 million units after posting a downwardly revised pace of 1.161 million units in July. The August rate missed economists’ expectations, which called for a pace of 1.168 million units. This was attributed to lower construction of both single-family and multi-family houses, both of which fell 3% to 739,000 and 387,000 units, respectively. On a yearly basis, meanwhile, housing starts rose 16.6% in August.

Meanwhile, August building permits, an indicator of future construction, climbed 3.5% to an annualized pace of 1.17 million units after recording revised rate of 1.13 million units in July. Economists had expected building permits to increase 3.7%. Permits for single-family houses were up 2.8% to a rate of 699,000 while multi-family building permits rose 4.7% to 471,000 units in August. On a yearly basis, meanwhile, building permits increased 12.5%.
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