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Housing Starts (Jul.)

Single-family housing starts fell for the fifth consecutive month in July, leaving them down by 25% from their high at the end of 2021. Leading indicators point to a much larger decline in the coming months. However, pent-up demand, tight supply and easing supply shortages will provide some support to starts, and we expect they will fall gradually to around 800,000 annualised by end-2022.  

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