The Commerce Department reported housing starts rose to a seasonally adjusted annual rate of 1.35 million, the strongest pace since July 2007. Yet a second straight monthly drop in permits foreshadows housing market activity could remain moderate.
The purchase of Fleetwood Security marks the second acquisition for Priority One Security in the past two years and the fifth major acquisition in its 22-year history.
The decline from the previous month was attributed to decreased activity in public works, institutional building and housing sectors.
New construction in the residential building sector increased 10% year-to-date, with single family housing up 6% and multifamily housing up 19%.
Institutional building construction continues to feed off the massive number of state and local bonds issued for schools and other institutional buildings over the past few election cycles.
Public works projects weakened during the month, while nonresidential building construction edged up and multifamily housing rebounded.
Even with the latest decline in the Dodge Data & Analytics Momentum Index, the construction indicator is 7.7% higher on a year-over-year basis.
The latest numbers from Dodge Data & Analytics show new construction starts advanced 3% in 2017 to $745.9 billion.
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