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US housing starts increased 1.7% in July; Apartment units rose while single-family housing starts dropped 4.2%; Building permits dipped 3.1%
By Finfacts Team
Aug 17, 2010 - 2:04:15 PM
Blue: single family homes is the largest block; Red represents incremental multi-unit/apartment buildings
US housing starts increased 1.7% in
July to a seasonally adjusted annual rate of 546,000, the Commerce Department
said Tuesday. However, the increase was largely driven by apartment buildings --
homes with five or more units - -while key single-family housing starts dropped
4.2% and building permits dipped 3.1% to an annual rate of 565,000.
Building Permits: Privately-owned housing units authorized
by building permits in July were at a seasonally adjusted annual rate of
565,000. This is 3.1% below the revised June rate of 583,000 and is 3.7% below
the July 2009 estimate of 587,000. Single-family authorizations in July were at
a rate of 416,000; this is 1.2% below the revised June figure of 421,000.
Authorizations of units in buildings with five units or more were at a rate of
129,000 in July.
Housing Starts: Privately-owned housing starts in July were
at a seasonally adjusted annual rate of 546,000. This is 1.7% above the 9.7%
revised June estimate of 537,000, but is 7.0% below the July 2009 rate of
587,000.
Single-family housing starts in July were at a rate of 432,000;
this is 4.2% below the revised June figure of 451,000. The July rate for units
in buildings with five units or more was 95,000.
Housing Completions: Privately-owned housing completions in
July were at a seasonally adjusted annual rate of 587,000. This is 32.8% below
the revised June estimate of 874,000 and is 25.4% below the July 2009 rate
of 787,000.
Single-family housing completions in July were at a rate of
490,000; this is 27.5% below the revised June rate of 676,000. The July rate for
units in buildings with five units or more was 91,000.
Insight on the markets following the
release of housing starts data, with CNBC's Rick Santelli:
Producer Prices
The US Labor Department reported
today that US producer prices rose for the first time in four months in July as
the price of raw materials increased. The index of producer prices climbed to
seasonally-adjusted 0.2% for finished goods. Excluding more-volatile food and
energy prices, the report showed that wholesale inflation rose by 0.3%.
Almost half of
last month’s increase in core prices was due to a 1.5% rise
the cost of light trucks like SUVs and pickups, the Labor
Department said. Rising prices for pharmaceuticals and cars
also contributed to the gain.
Compared with a
year earlier, producer prices rose 4.2% in July after rising
2.8% in June.
Obama administration officials
will meet with major players in the housing finance industry to discuss
potential reforms, with Alex J. Pollock, American Enterprise Institute Resident
Fellow:
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