U.S. Housing Starts Plunge To Lowest Level In Well Over A Year In July
16 Août 2022 - 12:15PM
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New residential construction in the U.S. tumbled by much more
than expected in the month of July, according to a report released
by the Commerce Department on Tuesday.
The report showed housing starts plunged by 9.6 percent to an
annual rate of 1.446 million in July after slumping by 2.4 percent
to a rate of 1.559 million in June. Economists had expected housing
starts to decline by 1.2 percent to a rate of 1.540 million.
With the much steeper than expected drop, housing starts dove to
their lowest annual rate since hitting 1.430 million in February of
2021.
The Commerce Department said single-family housing starts
plummeted by 10.1 percent to a rate of 916,000, while multi-family
starts tumbled by 8.6 percent to a rate of 530,000.
Building permits, an indicator of future housing demand, also
fell by 1.3 percent to an annual rate of 1.674 million after
inching up by 0.1 percent to a revised rate of 1.696 million in
June.
Economists had expected building permits to slump by 2.1 percent
to an annual rate of 1.650 million from the 1.685 million
originally reported for the previous month.
Single-family permits plunged by 4.3 percent to a rate of
928,000, more than offsetting a 2.8 percent jump in multi-family
permits to a rate of 746,000.
"As housing activity continues to moderate under the weight of
rising interest rates and a persistent shortfall in supply, we look
for starts to lose further momentum over the coming months," said
Mahir Rasheed, U.S. Economist at Oxford Economics.
He added, "However, with July's weakness in starts and August's
deterioration in homebuilder sentiment, risks to the outlook are
decidedly tilted to the downside."
A separate report released by the National Association of Home
Builders on Monday unexpectedly showed a continued deterioration in
U.S. homebuilder confidence in the month of August.
The report showed the NAHB/Wells Fargo Housing Market Index
dropped to 49 in August from 55 in July. Economists had expected
the index to come in unchanged.
With the unexpected decrease, the housing market index fell
below the key break-even measure of 50 for the first time since May
2020.
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