US building permits, housing starts fall in July

16th Aug 2024 13:58

(Sharecast News) - US building permits fell by 4% in July to a seasonally adjusted annualised rate of 1.39m, according to the Census Bureau, the lowest level seen in four years and below market expectations of 1.43m.

Approvals of units in buildings with five units or more tumbled 12.4% to 408,000 and single-family permits dipped a much less dramatic 0.1% to 938,000.

Elsewhere, US housing starts fell by 6.8% to 1.23m in July, the sharpest decline seen since March and in sharp contrast to, and completely erasing, June's 1.1% increase.

The decline was principally due to a 14.1% slump in starts of buildings with one unit, offsetting an 11.7% increase in units with fie or more units.

Reporting by Iain Gilbert at Sharecast.com