7/19: METRO ECONOMIC UPDATE, by P. Duffy

June housing starts dip to lowest level since September 2017, down 4.2 percent year-on-year

Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,173,000, dipping to the lowest rate since September 2017. This is 12.3 also below the revised May estimate of 1,337,000 and is 4.2 percent below the June 2017 rate of 1,225,000.

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June building permits dip for third straight month, down 3.0 percent year-on-year

Privately-owned housing units authorized by building permits in June dipped for the third month to a  seasonally adjusted annual rate of 1,273,000, which is the lowest rate since September 2017. This is also 2.2 percent below the revised May rate of 1,301,000 and is 3.0 percent below the June 2017 rate of 1,312,000.

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June industrial production rebounded 0.6 from May, up 3.8 percent year-on-year

Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase.  At 107.7 percent of its 2012 average, total industrial production was 3.8 percent higher in June than it was a year earlier.

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Builder confidence unchanged at 68 in July survey

Builder confidence in the market for newly-built single-family homes remained unchanged at a solid 68 reading in July on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI index measuring current sales conditions remained unchanged at 74. Meanwhile, the component gauging expectations in the next six months dropped two points to 73 and the metric charting buyer traffic rose two points to 52.

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