.
6/18/13, "Housing starts miss expectations, but overall tone upbeat," Reuters
"Housing starts rose less than expected in May,
likely reflecting labor
and material constraints, but the overall trend remained consistent with
strength in the housing market....
Economists polled by Reuters had expected groundbreaking to rise to a 950,000-unit rate last month....
Last month, groundbreaking for single-family homes, the largest segment
of the market, rose 0.3 percent to a 599,000-unit pace. Starts for
multi-family homes increased 21.6 percent to a 315,000-unit rate."...
[For a total of 914,000 on expectations of 950,000. ed.]
(continuing): Permits to build homes fell 3.1 percent last month to a
974,000-unit pace. Permits for multi-family homes dropped 10 percent to a
352,000-unit rate. Permits for single-family homes rose 1.3 percent to a
622,000-units, the highest since May 2008....
Though residential
construction only accounts for about 2.5 percent of gross domestic
product, housing has a wider reach on the economy. Analysts estimate
that for every single-family home built, at least three jobs lasting for
a year are created....
The Federal Reserve has targeted housing as channel to boost growth,
through monthly purchases of $85 billion in government and
mortgage-backed securities."...via Zero Hedge
-----------------------------------------
6/18/13, "U.S. Census Bureau News Joint Release U.S. Department of Housing and Urban Development"
------------------------------------------
6/18/13, "Housing Starts, Permits, CPI All Miss," Zero Hedge
.
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