US: Housing starts contract by 12.3% in June following May's 4.8% expansion

"Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,173,000. This is 12.3 percent below the revised May estimate of 1,337,000 and is 4.2 percent below the June 2017 rate of 1,225,000," the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced on Wednesday.

Key takeaways from the official publication

• Single-family housing starts in June were at a rate of 858,000; this is 9.1 percent below the revised May figure of 944,000.
• Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,273,000.
  • This is 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. 
• Privately-owned housing completions in June were at a seasonally adjusted annual rate of 1,261,000.
  • This is 0.0 percent below the revised May estimate of 1,261,000, but is 2.2 percent above the June 2017 rate of 1,234,000.