Market Research Finds Housings Starts to Fall by a Tenth in June (US Market)

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19th July 2013 12:59 - Construction

According to a report released by the Commerce Department, housing starts in the U.S. unexpectedly decreased a tenth (9.9%) in June, resulting in the lowest start rate for ten months.

Single-family starts which account for seven tenths (70%) of all construction activity only slipped by 0.8%. However, multifamily starts reported a reduction of a quarter (26.2%) between months May and June.

IHS Global Insight Economist Patrick Newport reported:

“Numbers disappointed. Housing starts, both single-family and multifamily, dropped in the second quarter. What's more, multifamily permits are slowing. ”

House building permits dropped off just under a tenth (7.5%), to a seasonally adjusted annual rate of 911,000 whilst housing completions finished off the month up 1 in 20 (6.3%) at a 710,000 rate.

Overall housing starts came in at 836,000, down just a tenth (9.9%) from May but up a tenth (10.4%) from June a year ago.

However, The National Association of Home Builders reported that its housing index rose in July for the third consecutive month.

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