Forex News

Construction of new housing in the US below forecasts in July

The volume of new housing construction has grown much less than expected in July, according to a report by the Ministry of Commerce published on Thursday.

According to the report, in July the indicator increased by 0.9 percent to 1.168 million y / y in July after falling by 12.9 percent to a revised rate of 1.158 million in June.

Economists had expected the growth in construction volumes to rise by 7.4 percent to 1,126 million y / y after the 1.173 million originally expected in the previous month.

The Ministry of Trade also reported that the number of permits for construction added 1.5 percent to 1.311 million y / y in July after falling 0.7 percent to a revised rate of 1.292 million in June.

It was expected that the indicator of future housing demand would jump by 2.9 percent to 1.310 million compared with 1.273 million, originally expected last month.