Housing starts slip in August

Residential construction comes out ahead of last year, but down from last month.

Housing starts creeped along in August, according to data released Tuesday morning by the Department of Commerce. The August seasonally adjusted annual rate of housing starts came in at 1.18 million. That's down 0.8% from an upwardly revised July, but up 1.4% from the same month a year ago. 

Single-family housing starts in August were at a rate of 851,000; That's up 1.6% from the revised July figure of 838,000. The August rate for units in buildings with five units or more was 323,000.

Of the four geographic areas, the most impressive numbers came from the Northeast, where single-family starts were up 26.9% compared to the same month a year ago. Year-over-year single-family starts also jupmed in the South -- up 22.8%.

On an unadjusted basis, year-to-date total housing starts are ahead of last year's pace, but only by 2.7%. Single-family starts so far this year are running 8.9% ahead of a year ago.

Here's the link the Dept. of Commerce release.

Housing permits increased to a rate of 1.3 million -- the second-highest rate since 2007. 

 

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