Housing starts up 5.9% in July
August 16, 2013
Housing starts in July were at a seasonally adjusted annual rate of 896,000 — up 5.9% from June estimates and 20.9% from July 2012, according to initial estimates from the U.S. Census Bureau. The growth came in multi-unit buildings, which were up more than 25% in July for buildings with five or more units after a sharp decline in June. Single-family housing starts were down 2.2%. Housing starts also varied greatly by region with very large month-to-month gains in the Northeast and Midwest offsetting single-digit declines in the South and West.
Meanwhile, permits authorized for future residential construction were at a seasonally adjusted annual rate of 943,000 — up 2.7% from June estimates and 12.4% from July 2012. Again, gains in multi-unit buildings offset a decline of 1.9% in single-family authorizations, but as with starts, the increase came off a sharp decline in June. Geographically, the gains in permits were small but consistent across the regions.
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