Thursday, September 18, 2014

Housing Starts Decline in August

The pace of new residential construction decreased to an annualized pace of 956,000 units in August. Both single-family and multi-family housing starts posted declines, the latter showing the larger decline. However, both multi- and single-family housing starts were up from August 2013. August’s rate dropped 14.4%, offsetting the previous month’s large increase, but is 8.0% higher than a year ago.

Both multi- and single-family starts dropped, falling by 31.7% and 2.4%, respectively. Multi-family starts grew at an annual pace of 313,000 units, while single-family starts grew at an annual pace of 643,000 units.

August’s decline was broad-based across regions. The West had the steepest decline, falling by 24.7%, followed by the Northeast (12.9% decline), the South (10.9% decline) and the Midwest (10.3% decline). However, each of the four regions improved from August 2013.

Single-family housing permits declined 0.8% and multi-family housing permits dropped 12.7%.

Read the Census report.

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