(Sharecast News) - US building permits fell by 2.8% to a seasonally adjusted annualised rate of 1.35m in July, according to the Census Bureau, the lowest reading since June 2020 and below market expectations of 1.39m.
Permits for buildings with five or more units dropped by 9.9% to an annualised rate of 430,000, while single-family permits increased by 0.5% to 870,000.
Housing starts, on the other hand, rose by 5.2% month-on-month to a seasonally adjusted annualised rate of 1.42m in July, the biggest increase in five months and in contrast with market expectations of a drop to 1.29m, extending the upwardly revised 5.9% jump from June.
Starts were carried by housing with five or more units for a second month, up 11.6% to 470,000, faster than one-unit starts, up 2.8% to 939,000.
Reporting by Iain Gilbert at Sharecast.com