Housing starts declined 5.1% in August to a seasonally adjusted annual rate of 1.41 million, according to the U.S. Census Bureau. The rate is 2.8% above August 2019 starts.
Housing starts declined 5.1% in August to a seasonally adjusted annual rate of 1.41 million, according to the U.S. Census Bureau. The rate is 2.8% above August 2019 starts.
The month-over-month decline in housing starts was driven by a decline in multifamily construction. Single-family housing starts increased 4.1% during the month.
“Consistent with surging builder confidence, single-family starts rose in August to meet rising buyer traffic," stated Chuck Fowke, chairman of the National Association of Home Builders. "Builders continue to face concerns in terms of rising lumber prices and supply chain shortages of other building materials."
Regionally, overall year-over-year housing starts grew 13.6% in the Midwest, 5.4% in the South and 3.8% in the West. Housing starts in the Northeast are down 4.5% year-over-year.
Building permits fell 0.9% in August to a rate of 1.47 million, a 0.1% decline compared with August 2019. Housing completions dropped 7.5% during the month to a rate of 1.23 million, a 2.4% decline year-over-year.
The full report can be found here.