Privately owned housing starts in August were at a seasonally adjusted annual rate of 1.14 million, 5.8 percent down from July’s rate of 1.21 but 0.9 percent up from the rate of 1.13 in August 2015, according to the U.S. Census Bureau.
Single-family housing starts in August were at a seasonally adjusted annual rate of 722,000, 6 percent below the July rate of 768,000 and 1.2 percent down from the rate of 731,000 in August 2015.
"The August reading represents a one-month blip in what has been a long-term, gradual recovery," said NAHB Chief Economist Robert Dietz in a statement.
Privately owned housing starts increased in three of the four regions in August. The Northeast, Midwest and West showed gains of 7.6 percent, 5.6 percent and 1.8 percent, respectively. The South dropped 14.8 percent.
