Housing Starts Drop 1.1%

Housing starts fell 1.1% in July, the Commerce Department said Thursday. 

Starts fell to an annual rate of 746,000 units, from 754,000 in June.

The level was lower than economists’ median forecast of a 756,000 rate, Bloomberg reported.

Single-family home starts, fell 6.5% to a 502,000 rate, the first decline since February.

Work on multifamily units, which are often more volatile, rose 12 % to an annual rate of 244,000, a five -month high.

Starts dropped 5.3% in the West, but building permits in that region jumped 14% in July.

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September Housing Starts Climb 15%

Housing starts jumped 15% in September to the highest level since April 2010, the Commerce Department said Wednesday.

Starts climbed to a rate of 658,000 units, from a revised rate of 572,000 in August.

The rate surpassed economists’ forecasts of a 590,000 rate, Bloomberg reported.

Building permits, an indicator of future construction, declined 5% to 594,000, a five-month low, Bloomberg said.

Single-family home starts, which account for about 85% of the total, gained 1.7% to a 425,000 rate.

Work on multifamily units, which is often more volatile, jumped 51.3% to a 233,000 annual rate.

Starts rose in all four national regions, led by an 18.1% increase in the West and a 15.7% gain in the South, Bloomberg reported.

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