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Pace of Construction Slows after Three Busy Months
Thursday, September 17, 2020
Residential construction activity took a breather in
August. The U.S. Census Bureau and the Department of Housing and Urban
Development reported this morning that all three measures, housing permits,
starts, and completions, were lower than their unexpectedly high July rates. Permits for residential construction were issued
during the month at a seasonally adjusted annual rate of 1,470,000. This is
down 0.9 percent from the revised (from 1,495,000) 1,483,000 units in July. It
was also fractionally lower (0.1 percent) than the August 2019 rate of
1,471,000. Analysts had expected a continuation of the heavy pace
of construction that kicked in after a disastrous plunge in numbers in March
due to pandemic related shutdowns. Permitting was at the low end of estimates
from those polled by Econoday, 1,450,000 to 1,550,000. Their consensus was 1,530,000
units.
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