US home starts rise more than expected in July

The US Department of Commerce has released the statistics for home starts and building permits for July.

Thus, home initiation increased 3.9 percent in July compared to the previous month and reached 1 million 452 thousand.

Home starts, which rose more than expected, were expected to rise 2.7 percent in this period to 1.448 million.

Home starts decreased 11.7 percent in June to 1,398,000.

Home starts in the country also rose 5.9 percent on-year in July.

BUILDING PERMITS FAILED BELOW EXPECTATIONS

Building permits, on the other hand, increased 0.1 percent on the month to 1,442,000 in July.

Building permits, which were below market expectations, were expected to be 1,463,000 in this period.

Construction permits decreased 3.7 percent in June to 1,441,000.

Building permits in the US were down 13 percent year-over-year in July. (AA)