Housing Starts Slip in July

July Housing Starts fell 4.8 percent from June to an annual rate of 1.155 million units, below the 1.217 million expected. Homebuilders cite many reasons for the decline, including a lack of skilled labor, lack of lots to build on and higher costs for materials. Year-over-year starts were down 5.6 percent. Building Permits, a sign of future construction, fell 4.1 percent from June to an annual rate of 1.223 million annualized units, just below the 1.247 million expected. Within the report it showed that single-family starts, which make up the biggest share of the housing market, fell 0.5 percent, while multi-family dwellings with five or more units plunged 17.1 percent from June to July.fea_chart_081617

Comments are closed.