Housing Starts Miss Expectations At 750K

U.S. housing aerial shot

Photo: AP Images

UPDATE:Housing starts increased to the second highest level since 2008 but missed economists’ loftier projections, new data out of the Census Bureau shows.

Starts increased 2.3 per cent sequentially to an annual pace of 750,000 units, below forecasts for a 767,000 reading.

The Census Bureau also revised July data lower to a 2.8 per cent contraction from June.

Building permits moderated as well in August, although at a better rate than many economists forecast.

Permits fell 1.0 per cent during the month to an annual pace of 803,000 units.

ORIGINAL: 

Minutes away from two key housing data points: Housing Starts and Building Permits.

Economists surveyed by Bloomberg forecast starts advanced 2.8 per cent month-on-month in August to an annual pace of 767,000 units.

If that holds, it would represent the strongest reading since 2008.

Expectations are for building permits to contract slightly, down 1.9 per cent sequentially to an annual pace of 796,000 units.

The report is expected out of the U.S. Census Bureau at 8:30 a.m.

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