MW:Housing starts rise 5.9% to 896,000 rate in July
By Ruth Mantell
WASHINGTON (MarketWatch) -- Construction on new U.S. homes rose 5.9% in July to a seasonally adjusted annual rate of 896,000, as volatile apartment starts rebounded after dropping in June, the U.S. Department of Commerce estimated Friday. Economists polled by MarketWatch had expected overall housing starts in July to hit an annual rate of 915,000, compared with an originally estimated June starts rate of 836,000. On Friday the government revised June's starts rate to 846,000. In July, starts for buildings with at least five units rose 25.5%, while starts for single-family homes declined 2.2%. Overall starts in July were up 20.9% from the same period in the prior year, pointing to ongoing recovery, though there's concern about the impact of rising mortgage rates on the housing market. Also Friday, the government reported that building permits, a sign of future demand, rose 2.7% in July to an annual rate of 943,000. Permits for buildings with at least five units increased 13.5%. Meanwhile, permits for single-family homes decreased 1.9%.
