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Construction Continues Post-Plunge Gains
Friday, July 17, 2020
All three measures
in the Census Bureaus June residential construction report moved higher, as the
building industry continued to recover from its April collapse. However, of the
three, only the rate of units completed was higher than its June 2019 level. Permits increased
by 2.1 percent to a seasonally adjusted annual rate of 1,241,000 units from 1,216,000
units (revised from 1,220,000 units) in May. This leaves the permitting rate
down 2.5 percent from the 1,273,000 level of June 2019. Analysts had been
looking for a significantly higher number. Those polled by Econoday had
a census of 1,298,000 units with a range of 1,150,000 to 1,340,000. Single family permits
jumped 11.8 percent to 834,000 units compared to 746,000 the prior month but
those permits are also lower than a year earlier, by 1.1 percent. Multifamily
permits were down 14.0 percent and 4.2 percent from the two earlier periods at
a rate of 368,000 units.
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