US Housing Starts at 9-Month Low
Housing starts in the US plunged 12.3 percent month-over-month to an annualized rate of 1,173 thousand in June of 2018, following a downwardly revised 4.8 percent rise in May. It is the lowest rate since September of 2017 and the biggest drop since November of 2016. It compares with market expectations of 1,320 thousand rate.
In May, housing stats were at 1,337 thousand, the highest rate since July of 2007.
In June, the volatile multi-family segment fell 20.2 percent to 304 thousand and single-family starts, the largest segment of the market, went down 9.1 percent to 858 thousand. Declines were seen in all main regions: the South (-9.1 percent to 601 thousand), the West (-3 percent to 320 thousand), the Midwest (-35.8 percent to 156 thousand) and the Northeast (-6.8 percent to 96 thousand).
Building permits dropped 2.2 percent to a seasonally adjusted annual rate of 1,273 thousand, while markets were expecting a 2.2 percent rise to 1,330 thousand. It is also the lowest rate since September of 2017. Multi-family authorizations declined 7.6 percent to 423 thousand while single-family permits went up 0.8 percent to 850 thousand. Overall, building permits fell in the West (-1.8 percent to 327 thousand), the Midwest (-18.7 percent to 170 thousand) and the Northeast (-16.4 percent to 112 thousand) but increased in the South (6.2 percent to 664 thousand).
https://tradingeconomics.com/united-states/housing-starts
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