New housing starts increased sharply in July on the back of stronger apartment complex starts. New housing starts came in at a 1.428 million unit rate, up 5.2% from June and up 12.9% from the 1.265 million unit rate last July.
Business activity from the manufacturing sector in the New York region grew a faster rate than in July. August marked the second consecutive monthly increase in activity, the first occurrence since November/December. The two-month average increased to 8.7, the highest level since December.
New home sales increased slightly in June although at a slower rate than expected. June new home sales came in at a 627,000 unit annual rate, up 0.6% from May but down 6.6% from the 671,000 unit rate in June 2024.
A key leading indicator for the non-residential construction spending increased sharply in June. The June Dodge Momentum Index came in at 225.1, up nearly 7% from May and up over 12% from last June.
