A steep drop in building permits in August overshadowed the better-than-expected rise in new residential construction and offered fresh evidence of a housing slowdown.
“In short, ignore the headline starts numbers,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote. “The collapse in single-family permits is the real story, and it has much further to go.”
Residential starts — including both single- and multi-family units — increased 12.2% last month to a 1.575 million…
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