Construction Indicators Slide, Housing Starts Suffer

By Jann Swanson

Posted To: MND NewsWire

After posting unexpectedly high numbers in June, all three residential construction indicators lost ground in July , and one, housing starts, is now running below its year-ago rate. While the softening is primarily in the multi-family sector, starts have declined in four of the last five months and permits in three of the last four. The U.S. Census Bureau and the Department of Housing and Urban Development said privately owned housing starts were at a seasonally adjusted annual rate of 1,155,000 units, a 4.8 percent decline from June’s estimate of 1,213,000, which was revised down from 1,215,000. July starts were down 5.6 percent from the 1,223,000-unit annual rate in July 2016. Starts failed to meet even the lowest predictions of analysts polled by Econoday . Their estimates ranged from 1…(read more)

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