US Housing Starts Rise Less than Expected


Housing starts in the US rose 0.9 percent from a month earlier to an annualized rate of 1,168 thousand in July 2018, recovering from an upwardly revised 12.9 percent drop in June, but missing market expectations of a 7.4 percent increase to 1,260 thousand.

Single-family homebuilding, which accounts for the largest share of the housing market, increased 0.9 percent to a rate of 862 thousand units in July; and starts for the volatile multi-family housing segment went up 0.7 percent to a rate of 306 thousand. Starts rose in the Midwest (11.6 percent to 173 thousand) and South (10.4 percent to 636 thousand), but dropped in the Northeast (-4 percent to 97 thousand) and West (-19.6 percent to 262 thousand). 

Building permits increased 1.5 percent to a seasonally adjusted annual rate of 1,311 thousand, compared with market expectations of a 1.4 percent rise to 1,310 thousand. Permits to build single-family homes surged 1.9 percent to a rate of 869 thousand, and multi-family authorizations climbed 0.7 percent to 442 thousand. Overall, building permits rose in the Northeast (5.9 percent to 126 thousand), Midwest (5.8 percent to 183 thousand) and West (1.2 percent to 334 thousand), but dropped in the South (-0.3 percent to 668 thousand).

US Housing Starts Rise Less than Expected


US Census Bureau | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/16/2018 1:02:02 PM