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In August, aggregate monthly housing data, based on a month-over-month comparison, were decidedly negative. Total housing permits, new SF starts, and new private SF construction spending were and are problematic –in August they all were negative on a year-over-year basis. New single-family sales appear to be reverting to their recent average. In the expenditures category, private new single-family spending has decreased monthly since March. The October 7th Atlanta Fed GDPNow™ model projects residential investment spending, in Q3, to decrease at a 7.7 percent rate1(SAAR). Regionally, data were mixed across all sectors.
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Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; M. Ray McKinnie, Administrator, 1890 Extension Program, Virginia State University, Petersburg.
November 15, 2016