MW: U.S. housing starts flat in July at 581,000 pace
By Rex Nutting
WASHINGTON (MarketWatch) - U.S. housing starts were flat in July, as a small increase in new construction of single-family homes was offset by a large decline in multifamily units. Starts fell 1% in July to a seasonally adjusted annual rate of 581,000 from an upwardly revised 587,000 rate in June, the Commerce Department estimated Tuesday. Single-family starts rose 1.7%, while multifamily starts fell 13%. Economists surveyed by MarketWatch were expecting starts to rise to a 596,000 rate. Building permits for single-family homes rose 5.8% in July to a seasonally adjusted annual rate of 458,000, the fourth increase in a row and a strong sign that building activity may have finally stopped plunging.
