One Big Anomaly in the U.S. June Housing Start Figure
Abstract:
As reported by the Census Bureau and the Department of Housing and Urban Development, U.S. housing starts were 1.066 million units in June 2008, up 9.1% from the previous month, but down 26.9% from June of last year. However, there is a “big anomaly” in the latest numbers. Due to the fact that new building code rules took effect in New York City on July 1, there was a rush to get approvals and starts underway before the changes took effect. As a consequence, July starts are likely to take quite a hit.
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As reported by the Census Bureau and the Department of Housing and Urban Development, U.S. housing starts were 1.066 million units in June 2008, up 9.1% from the previous month, but down 26.9% from June of last year. However, there is a “big anomaly” in the latest numbers. Due to the fact that new building code rules took effect in New York City on July 1, there was a rush to get approvals and starts underway before the changes took effect. As a consequence, July starts are likely to take quite a hit.