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US private housing starts rise 0.9% in July

US private housing starts rise 0.9% in July

Mubasher: The US Census Bureau and the US Department of Housing along with the Urban Development announced July residential construction statistics on Thursday.

Privately-owned housing starts reached a seasonally adjusted annual rate of 1.168 million starts in July, which is 0.9% higher than the revised June reading of 1.158 million, but 1.4% below the rate of 1.185 million estimated in the same month last year, according to the data.

Privately-owned housing units, authorised under building permits, in July also rose 1.5% to an adjusted annual rate of 1.131 million in July from a month earlier.

Privately-owned housing completions declined 1.7% to an adjusted annual rate of 1.188 million completions last month, from the prior month’s revised estimate of 1.209 million, and 0.8% from 1.197 million in the same period last year.

Permits for single-family housing units rose 1.9% month-on-month to 869,000 permits in July, while authorisations for five-or-more unit buildings recorded 410,000 last month, the data stated.

Completed single-family housing units dropped 5.2% month-on-month to 814,000 units in July.

Single-family housing starts inched up 0.9% to a rate of 862,000 in July, compared to the revised estimate of 854,000 starts in the month before.

By 12:47 pm GMT, the US dollar index fell 0.17% to 96.5340.