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The collective U.S. housing market rebounded in June, as most monthly indicators were positive on a month-over-month basis. On a year-over-year basis, the majority were positive; yet single-family starts are barely “treading water.” Construction spending is problematic again, as single-family and improvement expenditures were only just positive on a month-over-month basis. These sub-sectors may portend a slowdown in the housing market if the continuation of this pattern continues. Regionally, data were mixed across all sectors. The August 11th Atlanta Fed GDPNow™ model projects aggregate residential investment spending to decrease at a -1.0% percent seasonally adjusted annual rate. New private housing was estimated to decline -2.5% and improvement spending was projected to increase 1.6% in Quarter 2. All declined from Q1’s forecasts.1
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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.
August 30, 2017