More of the Same, U.S. Homebuilding Stuck in a Rut
U.S. housing starts declined 1.5% in July to 604K units from a downwardly revised 613K units in June. Today’s report just surpassed market expectations for a 600K reading. Single-family housing starts declined 4.9%, while the volatile multifamily sector rose 7.8%. In a negative omen of future building activity, permits inched 3.2% lower.
