US Housing Starts Decline 5.6% YoY In July (1 Unit Starts Back Rise To 1991 Levels, Apartment Construction Slowing)

According to the US Census Bureau, US housing construction starts declined 5.6% on a year-over-year (YoY) basis for July. You can see the declining trend since 2012.

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Apartment (5+ unit) starts fell 22% YoY.

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On a MoM basis, 1 unit starts declined only 0.47% in July while 5+ starts declined 17%.

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1 unit starts (single family starts) have finally clawed their ways back to 1991 levels, despite the near zero Fed Funds target rate since late 2008.

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You can see the slowdown in apartment construction starts (orange line) during 2017. Here is a closer look which shows the slowdown in apartment starts as The Fed merrily raises their target rate.

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