New Housing Starts Rise Sharply in July
ThinkstockThe U.S. Census Bureau and the Department of Housing and Urban Development reported Tuesday morning that new housing starts in July rose sharply to a seasonally adjusted annual rate of 1.09 million, an increase of 15.7% from the revised June…
The U.S. Census Bureau and the Department of Housing and Urban Development reported Tuesday morning that new housing starts in July rose sharply to a seasonally adjusted annual rate of 1.09 million, an increase of 15.7% from the revised June rate of 945,000 and an increase of 21.7% compared with the July 2013 rate of 898,000. The consensus estimate from a survey of economists expected a rate of around 963,000.
The seasonally adjusted rate of new building permits rose to 1.05 million, which is 8.1% above the upwardly revised June rate of 973,000 and 7.7% above the July 2013 rate of 977,000.
Single-family housing starts rose to an annualized rate of 656,000 in July, up 8.3% from the revised June rate of 606,000.
Permits for new single-family homes rose 0.9% in July to an adjusted annual rate of 640,000, from an upwardly revised total of 634,000 in June.
Multi-family starts for buildings with five or more units, a more volatile number than single-family starts, rose 15.4% year-over-year in July.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
