16.08.201708:42:00UTC+00Housing Starts Below Expectations In July

Government statistics released on Wednesday showed that housing starts unexpectedly fell in July from the previous month's levels. Building permits were also below expectations.

A report issued by the U.S. Department of Commerce said housing starts fell 4.8 percent from the previous month, dropping to an annual rate of 1.155 million units in July. This was down from the revised June estimate of 1.213 million units.

July's housing starts figure was 5.6 percent lower than in the same period last year.

Economists had expected housing starts to edge up to a rate of 1.225 million from the 1.215 million originally reported for the previous month.

The Commerce Department said building permits also fell during the month. The figure dropped by 4.1 percent compared to the previous month, slipping to a rate of 1.223 million units in July. June's figure was revised to a pace of 1.275 million units.

Building permits, an indicator of future housing demand, had been expected to come in at a pace of about 1.25 million units.