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Economy in Brief

Housing Starts Firm
by Tom Moeller August 16, 2005

Housing starts remained firm last month at 2.042M units versus an upwardly revised 2.045M units in June.Consensus expectations had been for a slight decline to 2.025M starts.

Single-family starts nudged up 0.5% after a 1.2% decline in June. Single family starts in the Midwest rose 5.0% (0.6% y/y) and in the West rose 4.1% (-7.4% y/y). Single family starts in the Northeast starts fell 7.6% (+12.6% y/y) and in the South starts fell 1.5% (+9.0% y/y).

Multi family starts gave back half of the prior month's rise and fell 3.2%.

Building permits increased for the second consecutive month and rose 1.6%.

Housing Starts (000s, AR) July June Y/Y 2004 2003 2002
Total 2,042 2,045 2.8% 1,950 1,854 1,7 10
  Single-family 1,711 1,703 3.0% 1,604 1,505 1,363
  Multi-family 331 342 1.8% 345 349 347
Building Permits 2,167 2,132 2.5% 2,058 1,8 88 1,749
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