July housing starts +0.9% to 1.168m SAAR,...>

US DATA: July housing starts +0.9% to 1.168m SAAR, below the 1.270m rate

expected. The June pace was rev down to 1.158m from the originally

reported 1.173m pace, while May was rev up to 1.329m from the previous 

1.301m. 

- Starts were -19.6% in the West, -4.0% in the Northeast, +11.6% in the 

Midwest, and +10.4% in the South. 1-family starts +0.9%, but multi- 

family starts +0.7%. 

- Building permits +1.5% to 1.311m SAAR vs 1.313m expected, with 

1-family permits +1.9% and multi-family +0.7%. Homes permitted but not 

started +6.7%, suggesting starts could rise next month.

- July starts and permits were below their 2Q averages.

- Homes under construction +0.1%, while completions -1.7%.