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The double-digit increase in August housing starts made national news this week. Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,364,000, +12.3% above the revised July estimate of 1,215,000 and +6.6% above the Aug. 2018 rate of 1,279,000. U.S. Census Bureau data said single-family housing starts in August were at a rate of 919,000, +4.4% above the revised July figure of 880,000.
“Housing has been on an upswing in recent months as the pace of permits and starts has been rising since spring,” said Robert Dietz, chief economist for the National Association of Home Builders (NAHB). “While these are positive developments, single-family starts are down -2.7% year-to-date as the catch-up process continues.”
