New home construction unexpectedly declines in July

The Washington Post
August 18, 2009

New-home construction unexpectedly declined last month, despite continued improvement in the market for single-family homes, according to government data released Tuesday [Aug. 18], according to an Aug. 18 article in The Washington Post.

Privately-owned housing starts in July were at a seasonally adjusted annual rate of 581,000. This is 1.0 percent (±8.5 percent) below the revised June estimate of 587,000 and is 37.7 percent (±5.1 percent) below the July 2008 rate of 933,000, according to an Aug. 18 U.S. Department of Commerce release.

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