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… Source link
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