Central Bureau of Statistics figures published today show that housing starts in Israel totaled 10,029 in the second quarter, 24% fewer than the 13,263 housing starts in the first quarter and 13,301 in the second quarter last year.
It should be noted that the Central Bureau of Statistics figures for housing starts in the second quarter, like other housing figures, are subject to later revision. A recent Bank of Israel study found that the preliminary housing starts statistics published are an average of 10% lower than the revised figures published several months later. As of now, it therefore appears that housing starts fell substantially, but it will be necessary to wait to see whether the decline is real.
Evidence of this can be seen in the first quarter housing starts figures. The initial estimates showed a decline, but the revised numbers told a different story. The number of first quarter housing starts was reported in June as 12,188, but the Central Bureau of Statistics revised this to 13,263 - an upward revision of more than 1,000 housing starts. No revision of the second quarter figures will change the fact that housing starts declined in comparison with the preceding quarter and the second quarter last year, but the decline might be significantly reduced.
According to the figures released today, housing starts in July 2016-June 2017 fell 4.6%, compared with July 2015-June 2016, including declines of 18% in Judea and Samaria, 16.5% in the Tel Aviv district, 9.8% in the northern district, 9.3% in the Jerusalem district, and 8.3% in the central district. Housing starts during this period were up 14.9% in the southern district and 9.5% in the Haifa district.
Published by Globes [online], Israel Business News - www.globes-online.com - on September 12, 2017
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