Housing Starts Rise 2.8 Percent in July
Falling interest rates, rising home prices, and strong underlying demand continue to fuel the housing sector amid broad economic weakness, as housing starts rose 2.8 percent in July from the previous month to a seasonally adjusted annual rate of 1.67 million, the Commerce Department reported today. Single-family starts rose 1.5 percent to a seasonally adjusted annual rate of 1.3 million, and multifamily starts posted a 7.6 percent gain to stand at 368,000 units. Building permits, which can be an indicator of future building activity, declined 1.8 percent overall. Single-family permits were down 1.9 percent while the multifamily side remained flat.