U.S. homebuilding fell for a third straight month in July amid a steep decline in the construction of multi-family housing units, but a jump in ...
WASHINGTON: U.S. homebuilding fell for a third straight month in July amid a steep decline in the construction of multi-family housing units, but a jump in permits to a seven-month high offered hope for the struggling housing market.
Economists polled by Reuters had forecast housing starts would edge up to a pace of 1.257 million units in July. Building permits surged 8.4per cent, the largest gain since June 2017, to a rate of 1.336 million units in July. Last month's surge is a positive development for permits, which have been weak this year. Much of the decline in permits has been concentrated in the single-family housing segment.
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