Housing Starts Slip for Another Month but Remain Above Year-Ago Performance

Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,180,000. This is 0.8% below the revised July estimate of 1,190,000, but is 1.4% above the August 2016 rate of 1,164,000. Single-family housing starts in August were at a rate of 851,000; this is 1.6% above the revised July figure of 838,000. The August rate for units in buildings with five units or more was 323,000.

Robert Dietz of the National Association of Home Builders (NAHB) looks for gradual growth ahead. “The recent hurricanes have intensified our members’ concerns about the availability of labor and the cost of building materials. Despite this month’s drop [to 64 from a revised August reading of 67], builder confidence is still on firm ground.”