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- U.S. housing starts climb more than expected in August
U.S. housing starts climb more than expected in August
The Commerce
Department reported on Wednesday the building permits issued for privately
owned housing units climbed by 7.7 percent m-o-m in August to a seasonally
adjusted annual pace of 1.419 million (the highest level since May 2007), while
housing starts surged by 12.3 percent m-o-m to an annual rate 1.364 million (the
highest level since June 2007).
Economists had
forecast housing starts advancing to a pace of 1.250 million units last month and
building permits falling to a pace of 1.300 million units.
Data for July
was revised to show homebuilding dropping to a pace of 1.215 million units,
instead of decreasing at a rate of 1.191 million units as previously reported.
According to
the report, permits for single-family homes, the largest segment of the market,
rose 4.5 percent m-o-m at 866,000 in August, while approvals for the
multi-family homes segment surged 13.3 percent m-o-m to a 553,000 unit-rate.
In the
meantime, groundbreaking on single-family homes rose 4.4 percent m-o-m to a rate
of 919,000 units in August (the highest level since January), while housing
starts for the multi-family jumped 32.8 percent m-o-m to a 445,000-unit pace.
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