Housing Starts Up 5.9% for July

Housing starts increased 5.9% for July to a seasonally adjusted annual rate of 896,000, according to a Commerce Department report (link opens a PDF) released today.

After June's steep slide to a revised rate of 846,000, this latest report puts construction back on an upward trajectory, although it failed to meet analyst expectations of a 900,000 annual rate. The month-to-month rise was all due to apartment construction, which is typically volatile. Construction began on 26% more apartments but declined 2.2% for single-family houses. Overall housing starts remain below the 1.5 million-a-year rate that's consistent with a healthy market.


Source: Census.gov.

From June to July, housing permits headed up 2.7% to a seasonally adjusted annual rate of 943,000, also thanks to planned construction of apartments, while housing completions finished off the month up 1.8% at a 774,000 annual rate.

Over the last year, housing starts have jumped 20.9%, permits are up 12.4%, and completions have notched a 15% gain.

Today's news comes a day after a report for August revealed that homebuilder confidence in the market for newly built single-family homes is at its highest level since 2005.

-- Material from The Associated Press was used in this report.


The article Housing Starts Up 5.9% for July originally appeared on Fool.com.

Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo.The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.