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Building Permits Continue Higher; Housing Starts Ebb
Thursday, September 17, 2015
This morning's Residential Construction report from the
Census Bureau and Department of Housing and Urban Development for August was
mixed with a moderate increase in building permits and a corresponding downturn
in housing starts. Housing completions were
well above those in July.
Housing permits were issued at a seasonally adjusted annual
rate of 1,170,000, an increase of 3.5 percent from July and well above analysts'
consensus expectations of 1,160,000 as reported by Bloomberg. The July rate was
revised to 1,130,000 from the 1,119,000 originally reported. The August permitting rate was 12.5 percent
higher than the seasonally adjusted annual rate of 1,040,000 in August 2014.
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