Building permits and housing starts from US disappoint

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for August 2016:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,139,000. This is 0.4 percent (±1.6%) below the revised July rate of 1,144,000 and is 2.3 percent (±1.5%) below the August 2015 estimate of 1,166,000. Single-family authorizations in August were at a rate of 737,000; this is 3.7 percent (±3.0%) above the revised July figure of 711,000. Authorizations of units in buildings with five units or more were at a rate of 370,000 in August.

HOUSING STARTS

Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,142,000. This is 5.8 percent (±9.7%)* below the revised July estimate of 1,212,000, but is 0.9 percent (±12.5%) above the August 2015 rate of 1,132,000. Single-family housing starts in August were at a rate of 722,000; this is 6.0 percent (±8.2%)* below the revised July figure of 768,000.

The August rate for units in buildings with five units or more was 403,000.

HOUSING COMPLETIONS

Privately-owned housing completions in August were at a seasonally adjusted annual rate of 1,043,000. This is 3.4 percent (±10.9%) below the revised July estimate of 1,080,000, but is 8.3 percent (±11.8%)* above the August 2015 rate of 963,000. Single-family housing completions in August were at a rate of 752,000; this is 0.3 percent (±10.2%)* below the revised July rate of 754,000. The August rate for units in buildings with five units or more was 283,000.

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