Housing Starts in U.S. Declined in August on Plunge in SouthBy
Permits, proxy for future construction, show unexpected drop
Mortgage rates, job gains still likely to support housing
New U.S. home construction fell more than projected in August as a plunge in the South, the biggest region for building, more than offset gains in the rest of the country.
Residential starts declined 5.8 percent to a 1.14 million annualized rate, from the prior month’s revised 1.21 million pace, a Commerce Department report showed Tuesday in Washington. The median estimate of economists surveyed by Bloomberg called for a drop to 1.19 million. Permits, a proxy for future construction, unexpectedly slipped on fewer applications for apartment projects…
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