Housing Starts Hop 2.1% in June & Hammer 2016 YOY Data with 5.6% Increase

The U.S. Census Bureau said privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,211,000. This is 2.1% above the revised June estimate of 1,186,000 and 5.6% above the July 2015 rate of 1,147,000. Single-family housing starts in July were at a rate of 770,000, 0.5% above the revised June figure of 766,000.

“Single-family starts, on a year-to-date basis, are up 10.6% and builders are cautiously optimistic about market conditions,” said  Robert Dietz, chief economist of the National Association of Home Builders (NAHB), Washington, D.C. “However, the permit trends indicate that supply-side headwinds, such as shortages of lots and labor, continue to affect the housing sector.”