> June 2009 Housing Starts

Off The Bottom, But Limited Upside...Led by a 14 percent jump in single family starts – the largest monthly increase since December 2004 – total housing starts rose to an annualized rate of 582,000 units in June. The gain in single family starts offset further weakness in the multi-family segment of the market, in which starts fell to an annual rate of 112,000 units in June. Total housing permits rose to an annualized rate of 563,000 units in June, with increases in both single and multi-family permits. June’s increase in single family starts marks the fourth consecutive monthly increase, but still leaves single family starts 25.5 percent below their level of June 2008. Total starts increased in the Northeast and Midwest regions, but fell in the South and West regions. Note, however, that single family starts rose in all four ensus regions, but sharp declines in multi-family starts in the South and West pulled total starts lower.

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