Posted To: MND NewsWire

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,…(read more)

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Source: Mortgage News Daily