Housing Starts Decline 2.7 Percent in July as Permits Hold Steady

In line with expectations, the pace of nationwide housing starts slowed 2.7 percent in July to a seasonally adjusted annual rate of 1.65 million units, the Commerce Department reported. This rate is exactly on pace with the number of starts that the National Association of Home Builders (NAHB) is forecasting for the year as a whole. Meanwhile, permits for new housing construction remained virtually unchanged in July at a 1.7 million-unit rate.

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