Statistics released today by the U.S. Commerce Department showed that total housing starts dropped 6.2 percent in August, to a seasonally adjusted annual rate 895,000, compared to 954,000 in July.
Total housing starts in August of 2007 were 1.33 million units.
Single-family housing starts last month were reported at 630,000 annual units, a 1.9 decrease below July’s rate of 642,000. The August rate for multi-family housing starts was 251,000, a 16.6 percent decline from multi-family starts of 301,000 in July 2008.
Multi-family housing starts in August 2007 were 332,000 annual units on a seasonally adjusted basis. In year-over-year comparisons, multi-family housing starts dipped 24.4 percent.