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New Construction Permitting Slows in June while Completions Pick Up
New residential construction presented some mixed signals in June, with permits falling, completions rising slightly, and starts taking a big jump (but driven entirely by the multifamily segment). The number of new housing units permitted for construction fell 3.0% month over month and 2.3% year over year, while the number of new housing units completed…
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June housing starts jump 19%, fueled by strong multifamily gains
June housing starts rose 19% to 1.3 million, led by multifamily, while permits fell 3% to 1.367 million, Census data shows
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Housing permits near cycle lows even as housing starts beat estimates
Starts beat estimates on multifamily volatility, but permits fell 3.0% monthly and 2.3% annually, signaling a weaker forward pipeline.
