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WASHINGTON (Reuters) – Housing construction in the United States fell for a third consecutive month in July, as housing rates for more than nine households fell sharply, but the number of building permits rose sharply seven months suggests a declining housing market.
The Commerce Department announced on Friday that the number of homes started to build decreased by 4% at a revised annual rate, taking into account seasonal factors of 1.191 million units last month. The homebuilding industry will likely be affected by tropical storm Barry, which swept Louisiana in mid-July.
June data were revised downward to show that housing starts fell to 1.241 million units, up from 1.253 million previously.
Economists polled by Reuters were expecting the pace of housing starts to drop to 1.257 million units in July.
Building permits jumped 8.4% to 1.336 million units in July, the highest level since June 2017. The increase last month was marked by the development of lower permits this year. Most of the decline in permits was concentrated in the single-family home category.
(Reuters)
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