The Commerce Department's monthly look at new residential construction, released Wednesday, shows builders on track to start work on 1.16 million homes (seasonally adjusted) in the next 12-months. "The out-performance in single-family construction is starting to get us closer to a historically normal balance between single-family and multi-family homes." July home completions were at a seasonally adjusted annual rate of 1.18 million. While building permits were authorized at a seasonally adjust annual rate of 1.22 million, 4.1% above the July 2016 rate. Ralph McLaughlin, chief economist at Trulia, wrote in a tweet, "July housing permits, starts, and completions all down from June's sharp gains.

Source: Forbes August 16, 2017 14:37 UTC