BrokerageIndustry News

Housing starts continue to see annual gains in July

Construction permits for new homes at highest level in 4 years

Housing starts, though dipping 1.1 percent in July from June, were up 14.2 percent on a year-over-year basis, continuing a steady upward trend. July groundbreakings were at a seasonally adjusted annual rate of 746,000, down from June's adjusted rate of 754,000, but up from July 2011's rate of 614,000, according to the latest numbers from the Census Bureau. Single-family housing starts were down 6.5 percent from June to July, to a seasonally adjusted rate of 502,000, but still a 17 percent increase from a year ago and 42 percent above their March 2009 bottom of 353,000. July also saw the most single-family construction permits filed by builders (513,000) since August 2008, according to the National Association of Home Builders.Housing starts have been rising on an annual basis since September 2011 and are now 56 percent above their trough in April 2009 -- 478,000 -- according to census records dating back to January 1959.Source: Calculated Risk   The sustained housing-start im...