By Dees Stribling | MHN Online
The Census Bureau reported on Wednesday that U.S. private housing starts were at an annualized rate of 891,000 units in August. That’s 0.9 percent above the revised July estimate of 883,000 units, and 19 percent more than the August 2012 rate.
Unlike some monthly reports, multifamily starts weren’t driving the increase in overall starts this time around. Single-family housing starts in August were at an annualized rate of 628,000 units, which is 7 percent above the revised July figure.
Permitting, which is a leading indicator for the housing market, dropped in August, but that was because of the volatile multifamily sector. Privately owned housing units authorized by building permits in August were at an annualized rate of 918,000 units. That’s is 3.8 percent lower than in July, but single-family authorizations in August came in at an annualized 627,000 units, up 3 percent for the month.
