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Housing Starts Jump in July Permits Lag

first_img Homebuilders picked up the pace in breaking ground on new homes in July, reversing a two-month downward trend.According to figures released Tuesday by HUD and the Commerce Department, privately owned housing starts last month were at a seasonally adjusted annual rate of 1.09 million, a 15.7 percent spike from June’s upwardly revised rate of 945,000 and a 21.7 percent gain over the same month last year.A survey of economists by Econoday forecast an adjusted rate of 963,000 new units for July.Most of last month’s improvement came from a surge in multifamily building, which was up 33 percent month-over-month to a rate of 423,000 as young adults show more preference toward renting.Single-family starts also posted a solid gain, however, rising 8.3 percent to 656,000.Single-family starts rose in three of the four Census regions, improving 3.8 percent in the Northeast, 4.2 percent in the West, and 16.9 percent in the South, which had seen a significant setback in homebuilding in June.The Midwest, meanwhile, posted a 6.8 percent drop.While new starts surged over the month, permit issuance looked weaker, climbing 8.1 percent to a seasonally adjusted yearly rate of 1.05 million. Single-family permits ticked up only 0.9 percent, while multifamily permits jumped 21.5 percent.By region, permits for single-family homes increased in the Northeast (20 percent) and South (3.6 percent) and slipped in the Midwest (-4.6 percent) and West (-7.7 percent).While permit issuance is climbing at a slower pace than starts, the latest confidence index from the National Association of Home Builders suggests builders haven’t lost faith in the single-family market, with expectations for future sales leading the other index components—a sign that permit growth could pick up in the coming months. August 19, 2014 544 Views Housing Starts Jump in July; Permits Lag in Daily Dose, Data, Featured, Headlines, Newscenter_img Census Bureau Homebuilders Housing Permits Housing Starts HUD 2014-08-19 Tory Barringer Sharelast_img read more

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