Housing starts decreased to a seasonally adjusted annual rate of 1.283 million in August, according to the U.S. Department of Commerce, 11.3% below the revised July estimate of 1.447 million and 14.8% below the August 2022 rate of 1.505 million. Both single-family and multifamily housing declined 4.3% and 26.3%, respectively, relative to the July figure.
New building permits increased 6.9% during the month to a seasonally adjusted annual rate of 1.543 million but is 2.7% below the August 2022 level of 1.586 million. A 14.8% monthly increase in multifamily permits largely contributed to the overall surge, while single-family permits increased at a smaller rate of 3.2% compared to July.
Housing completions in August were at a seasonally adjusted annual rate of 1,406,000, up 5.3% above the revised July estimate and 3.8% above the August 2022 rate.
Read the Census release.
