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Total
housing starts edged
up by 0.9 percent in August, to 891,000 units (SAAR ),
but remained 11.3 percent below March’s breach of the one million unit mark.
The August increase was largely the result of downward revisions to July’s
estimates (from 896,000 to 883,000 units). Single-family units rose by 41,000
units (7.0 percent) while multi-family starts dropped by 33,000 units (11.1
percent).
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Changes
in the not-seasonally adjusted estimates differed somewhat from their
seasonally adjusted counterparts. Total August starts dropped by 1.5 percent relative
to July because the multi-family decline outweighed the single-family gain.
Overall, however, August starts ranged between 16 and 22 percent higher than
year-earlier levels.
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Total
completions also inched higher in August (by 2,000 units or 0.3 percent) on the
strength of the single-family component (+3,000 units or 0.5 percent).
Multi-family completions were little changed (-1,000 units or 0.5 percent).
Total completions were 11.1 percent higher than a year earlier in August thanks
to the single-family component (+17.6 percent).
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Builders’
confidence
in the future of the residential market seems to be losing a bit of steam. Consequently,
although single-family permits rose to 627,000 units (+18,000 or 3.0 percent),
total permits fell back to 918,000 units (-36,000 or 3.8 percent) on weakness
in the multi-family component (-54,000, or 15.7 percent, to 291,000 units). Total
permits were 5.4 percent higher in August than a year earlier.
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The foregoing comments represent the
general economic views and analysis of Delphi Advisors,
and are provided solely for the purpose of information, instruction and
discourse. They do not constitute a solicitation or recommendation regarding
any investment.
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