July Housing Starts 965k, Building Permits 937k
July Housing Starts at 965k, were down 11% from the upwardly revised June figure of 1.84mln (up 18K) but 5k over the consensus estimat of 960k. Year on Year, Starts are down 29.6%. Housing Starts are at the lowest level since March 1991.
July Building Permits, at 937k, a drop of 17% from the upwardly revised 1.138mln (up47k) but below the expected 970k level. Year on year, Permits are down 32.4%.
Single Family Starts, at 641k were 2.9% below the upwardly revised 660k recoreded in June. Single Family Permits were 584k, a 5.2% drop from the upwardly revised June figure of 616k (up 3k). Single Family Starts are at the lowest level since January 1991. Single Family Permits are at the lowest level since Aug of 1982 and Completions are at the lowest level since March 1983.
Housing Completions come in at 1.035mln, a drop of 8.7% on a month on month basis and 31.7% below the July 2007 level.
Total U.S. housing units under construction was 955k in July; 491k Single Family units were under construction, the lowest level since Sept 1992.
Multi-Family Units Under Construction (NYC effect) is at the highest level since December 1986 at 440k. Single Family Northeast units at 59k, is a new record low.