US housing starts surge in August
By Iain Gilbert
Date: Wednesday 18 Sep 2024
(Sharecast News) - US housing starts surged 9.6% month-on-month in August to an annualised rate of 1.35m, according to the Census Bureau, beating market expectations for a reading of 1.31m.
Housing starts rebounded from an almost 7% decline in the previous month to register the sharpest monthly increase seen in nine months, with starts for single-family homes up 15.8% at 992,000, more than offsetting a 6.7% decrease in starts of homes with five or more units to 333,000.
Building permits rose by 4.9% to 1.47m, the highest reading seen in five months and beating expectations for a print of 1.41m.
Approvals of units in buildings with five units or more advanced by 8.4% to 451,000 and single-family authorisations went up by 2.8% to 967,000.
Reporting by Iain Gilbert at Sharecast.com
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