Housing starts in August, driven by multifamily, shot up 9.2% to a seasonally adjusted annual rate of 1,282,000, 9.4% above the August 2017 rate of 1,172,000, the Commerce Dept. said Wednesday. Single-family housing starts were at a rate of 876,000, up 1.9 % from the revised July figure of 860,000. The August rate for units in buildings with five units or more was 392,000.
Building permits, however, fell 5.7% from July to a seasonally adjusted annual rate of 1,229,000, 5.5% below the August 2017 rate of 1,300,000. Single-family authorizations in August were at a rate of 820,000, 6.1% below the revised July figure of 873,000. Authorizations of units in buildings with five units or more were at a rate of 370,000 in August.
Housing completions irose 2.5% to a seasonally adjusted annual rate of 1,213,000, 11.2% above the August 2017 rate of 1,091,000. Single-family housing completions in August were at a rate of 923,000, 11.6 above the revised July rate of 827,000. The August rate for units in buildings with five units or more was 285,000.
