New housing starts increased 12.2% from July to August to a seasonally adjusted annual rate of 1.57 million, the U.S. Census Bureau announced. Compared with August 2021, new housing starts declined 0.1%.
Regionally, month-over-month housing starts dropped 17.3% in the Northeast, while housing starts in the Midwest, South and West saw increases of 19.3%, 24.5% and 1.1%, respectively.
Building permits fell 10.0% in August compared with July and 14.4% compared with August 2021.
Housing completions declined 5.4% month-over-month but were up 3.1% year-over-year.