Despite recent dips in the output of manufacturing and industrial production across key sectors of the American economy, the housing market does appear to be weathering the storm relatively better. Today’s publication of two significant housing figures supports this notion.
The US Census Bureau published its latest national findings on the issuance of building permits and the initiation of housing starts for the month of July. Forecasts for both figures were near 600,000. The actual results came almost perfectly in line with these expectations. The Building Permits report was 10,000 units below forecast, but this was not significant enough to warrant bearishness. American housing investments seem to be holding steady, and occasionally rising, despite rampant pessimism in the market.
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