Housing starts increase 0.9% in August
Housing starts in the U.S. increased 0.9 percent in August, according to a report from our sister site, Equipment World.
The increase follows a 6-percent rise in home construction in July.
The figures come from new Commerce Department data, which show that home starts rose in August to a seasonally adjusted annual rate of 891,000 — 19 percent higher than a year ago.
Single-family home construction rose 7 percent in August to 628,000, while multi-family housing starts fell 9.4 percent to 252,000.
Building permits dropped 3.8 percent to a seasonally-adjusted annual rate of 918,000 — still an 11-percent increase over a year ago.
Builder confidence is also down, following four consecutive months of gains. The monthly builder sentiment index from the National Association of Home Builders and Wells Fargo dropped between August and September from a 59 to a 58.