New York boosts housing starts, permits

Housing starts rose 9.1% to 1,066,000 units in June from May, but down 26.9% from a year ago.
JUL 17, 2008
By  Bloomberg
Housing starts rose 9.1% to a seasonally adjusted rate of 1,066,000 units in June from May but down 26.9% from a year ago, according to the latest Department of Commerce data. The figures surpassed consensus expectations for a sequential 1.5% decline, Carl Reichardt, an analyst with Wachovia Capital Markets LLC’s office in San Francisco, said in a note. However, the month-over-month increase was largely due to a surge in apartment building starts and permits in New York, where there was a change in building codes, he said. Construction of new single-family homes slipped 5.3% to a rate of 647,000 units in June from May and down 43% from a year earlier. On a regional basis, starts fell year-over-year 44.9% in the Northeast, 45.7% in the Midwest, 36.9% in the South and 52.7% in the West. In June, the number of building permits issued rose 11.6% to a seasonally adjusted rate of 1,091,000 in June from May but down 23.9% from a year ago. Again, the building code change in New York was largely responsible for the increase. Excluding this market, permits increased only 0.7% between May and June. The number of permits issued for single-family homes fell 3.5% to a rate of 613,000 in June from May and down 39.7% from a year ago. On a regional basis, permits declined year-over-year by 41.4% in the Northeast, 39.4% in the Midwest, 37.6% in the South and 43.5% in the West.

Latest News

NASAA moves to let state RIAs use client testimonials, aligning with SEC rule
NASAA moves to let state RIAs use client testimonials, aligning with SEC rule

A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.

Could 401(k) plan participants gain from guided personalization?
Could 401(k) plan participants gain from guided personalization?

Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.

UBS sees a net loss of 111 financial advisors in the Americas during the second quarter
UBS sees a net loss of 111 financial advisors in the Americas during the second quarter

Some in the industry say that more UBS financial advisors this year will be heading for the exits.

JPMorgan reopens fight with fintechs, crypto over fees for customer data
JPMorgan reopens fight with fintechs, crypto over fees for customer data

The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.

The average retiree is facing $173K in health care costs, Fidelity says
The average retiree is facing $173K in health care costs, Fidelity says

Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.