Economic Buzz: US housing starts down 12.4% in July

Housing starts in the United States came in at a seasonally adjusted annual rate of 1,239,000 in July, plunging 12.4% compared to the revised reading from the month prior, the US Census Bureau said in its report on Tuesday. Year-over-year, the figure fell 13.5%.

Compared to June, single-family housing starts declined 9.9% to stand at 808,000 in July. The July rate for units in buildings with five units or more was 421,000.

Privately-owned housing units authorized by building permits rose 5% monthly and 3.1% annually to 1,443,000. Housing completions fell 9.1% month-on-month and 16.8% year-over-year to 1,212,000, while single-family completions declined 5.8% to 878,000.

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