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Housing starts – July 2015

U. S. home building ticked up in July thanks to a surge in construction of single-family homes, the latest sign of momentum in the housing market.

Housing starts rose 0.2% from a month earlier to a seasonally adjusted annual rate of 1.21 million last month, the highest since October 2007, the Commerce Department said Tuesday. That is the third time in four months the figures reached a new high since the recession began.

Starts on single-family units, which exclude apartments and represent almost two-thirds of the market, jumped 12.8% to their highest level since December 2007. Multifamily units, including apartments and condominiums, fell 17%.

Construction levels for new homes remain historically low, though there are continued signs of growing underlying demand. Starts were 10.1% higher in July than a year ago, and permits were up 7.5%.

New applications for building permits, a bellwether for construction in coming months, declined 16.3% to 1.1 million.

By |2015-08-18T14:31:57+00:00August 18th, 2015|Categories: Leading|0 Comments

About the Author:

Bryan Sanford is Vice President and Investment Officer of Charter Trust Company. He joined the firm in 2009 and is based in our Concord NH office. Mr. Sanford received his Bachelors of Science degree from the University of New Hampshire, Durham. Mr. Sanford has held the FINRA Series 7 license. Prior to joining Charter Trust, Mr. Sanford served in the United States Marine Corps as an infantryman. He participated in Operation Iraqi Freedom, touring in Fallujah, Iraq.

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