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- U.S. housing starts and building permits increase in August
U.S. housing starts and building permits increase in August
The
Commerce Department reported on Monday the housing starts rose by 3.9 percent
m-o-m in August to a seasonally adjusted annual pace of 1.615 million, while building permits surged
by 6.0 percent m-o-m to a seasonally adjusted annual rate of 1.728 (the highest
level since April).
Economists
had forecast housing starts increasing to a pace of 1.555 million units last
month and building permits decelerating to a pace of 1.600 million units.
Data
for July was revised to show homebuilding increasing at a pace of 1.554 million
units, instead of increasing at a rate of 1.534 million units as previously
reported.
According
to the report, permits for single-family homes, the largest segment of the
market, went up 0.6 percent m-o-m in August, while approvals for the
multi-family homes segment surged 15.8 percent m-o-m.
In
the meantime, groundbreaking on single-family homes declined 2.8 percent m-o-m
in August, while housing starts for the multi-family climbed 21.6 percent
m-o-m.
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