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US housing starts fall for 2nd month in August

by ChemOrbis Editorial Team -
  • 20/09/2017 (11:58)
According to data released by the US Commerce Department, total housing starts in the US fell for a second consecutive month in August. Housing starts decreased by 0.8% to reach the annual rate of 1.18 million units. Economists’ expectations were calling for a rise to 1.19 million units.

On the other hand, building permits grew by 5.7% to reach 1.30 million units in August, the highest level recorded since January.

According to the Commerce Department, Hurricane Harvey, which devastated Texas last month, had limited impact on figures. However, homebuilding is likely to decline further in the aftermath of Hurricane Irma.
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