US Housing Starts Rose in August
Posted On 3:26 pm
There’s no denying that the Real Estate market has been up and down recently but the good news is that housing starts actually rose during the month of August and this certainly be a welcome relief for a housing market that’s been hard up for inventory in recent years.
About Housing Starts in August
U.S. housing starts grew modestly last month, driven by an outsize jump in an apartment building that masked weakness in the pipeline for single- and multifamily construction.
Housing starts increased 9.2% in August from the prior month to a seasonally adjusted annual rate of 1.282 million, the Commerce Department said Wednesday. This rise in the building was driven by a robust 29.3% climb in the volatile multifamily sector that likely won’t be sustained.
Building permits, a more stable measure that can signal how much construction is in the pipeline, were down for multifamily building, a sign that demand continues to cool for apartments and condominiums.
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