Not good. Note from the chart how growth has stalled, and housing is not likely to add as much to GDP this year as it did last year:
Highlights
Housing starts are solid but not permits. Starts did slip 0.3 percent to a 1.164 million annualized rate in May but the trend is positive with the year-on-year gain at a very strong 9.5 percent. Permits, in contrast, popped 0.7 percent higher in the month to a 1.138 million rate but here the year-on-year rate remains deep in the contraction column, at minus 10.1 percent.
Building Permits:
Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,138,000. This is 0.7 percent above the revised April rate of 1,130,000, but is 10.1 percent below the May 2015 estimate of 1,266,000.
Read more at www.calculatedriskblog.com/#2o0RYeSxs7oQoXgd.99
Interesting:
Beijing bans iPhone 6, saying it’s too similar to Chinese phone
By Kate Rooney
