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In April 2017, in aggregate, monthly housing data were decidedly negative on a month-over-month basis. Total and single-family (SF) permits and starts declined; yet SF starts increased. New SF and existing sales, and completions also decreased. Observing unadjusted data; permits, starts, and new SF sales were similar to April 2016. In fact, SF starts and new SF unadjusted sales were greater than April 2016. New SF house construction spending increased minimally month-over-month. Regionally, data were mixed across all sectors. The June 13thAtlanta Fed GDPNow™ model projects aggregate residential investment spending to increase at a 5.8 percent seasonally adjusted annual rate for Quarter 2; both new residential investment and improvements spending were projected to increase (7.6 and 3.0 percent, respectively). All declined from Q1’s estimate.
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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.
July 7, 2017