Tuesday, August 19, 2014

Housing Starts Rebound Above 1 Million Unit Pace in July

Housing starts rebounded in July, to an annualized rate of 1.093 million units. July’s pace grew 15.7% from the positively revised June rate. July’s growth was due to both single family and multi-family construction improvements. The pace of new construction is now 8.3% higher than a year ago.

Of the four regions, only the Midwest did not contribute to the overall gain. The South, which had a record decline in June, rebounded in July. Multifamily starts jumped 28.9% in July, bringing the annual pace to 437,000 units. Single family starts also improved by 8.3% to an annual rate of 656,000 units.

Permit issuance was also stronger in July. Overall housing permits increased 8.1%, driven by a 21.5% monthly growth in multi-family permits. It’s the largest monthly growth since February.

Despite the strong July report, housing starts remain well below the long-run average of 1.5 million units.

Read the Census report.

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