July Housing starts are set to be released at 8:30 a.m. ET by the U.S. Department of Commerce, with consensus estimates of 1.18 million. and a estimate range of 1.06 million to 1.28 million, according to Bloomberg News.
This mirrors June's reading of 1.174 million, with most of the strength coming from rental unit growth. July Housing permits are expected to show a drop to 1.23 million, with a range of 1.14 million to 1.35 million, following last month's strong rise of 1.343 permits, a 30 percent year-over-year increase.
The Department of Commerce defines a housing start as the start of construction of a new building intended primarily as a residential building, with the start commencing with excavation of the foundation.
The housing starts report is one of the most closely followed report on the housing sector, since it indicates the commitment of builders to new construction activity, according to Econoday.
In front of the release, S&P 500 futures were slightly weaker, down 0.27 percent.
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