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Homebuilding is on Fire; Best Pace in Over a Decade
Tuesday, August 18, 2020
Residential construction rates soared in
July with both permits and starts increasing from their June pace by double digits and topping 2019 numbers for the same period. Completions also
rose, but at a more subdued rate. The U.S. Census Bureau and Department of
Housing and Urban Development said permits were issued during the month at a
seasonally adjusted annual rate of 1,495,000, an 18.8 percent gain from June.
That June rate was also higher than originally reported, revised from 1,241,000
to 1,258,000. Permitting is now up by 9.4 percent from the same period in 2019. Permitting was significantly higher than
had been forecast - with estimates among analysts polled by Econoday of 1,200,000
to 1,380,000 units. The consensus was 1,300,000.
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