U.S. housing starts continue decline as permits jump

WASHINGTON — Housing starts in the U.S. fell by 4% in July to a seasonally adjusted annual rate of 1.191 million units, according to the U.S. Commerce Department. This third consecutive monthly decline was largely due to slower activity in multi-family dwelling construction. Tropical Storm Barry, which hit Louisiana in the middle of the month, was likely a contributor. June’s data was revised down to a rate of 1.241 million units rather than the 1.253 million originally reported. In a Reuters poll, economists expected starts to edge up to 1.257 million units. At the same time, building permits soared by 8.4% to a seven-month high of 1.336 million units, while housing completions rose 7.2% to 1.25 million units.