Housing starts declined a larger-than-expected 6.2% to a seasonally adjusted 895,000. This is the lowest level the data has been in 17 years. The consensus call was for a 1.6% decline.
Additionally, July starts were revised downward by 11,000 to 954,000. Building permits were also lower-than-expected at 854,000, an 8.9% drop, versus a prediction of 920,000.