Briefing.com: Housing Starts

Updated: 18-Sep-24 09:07 ET

August Housing Starts

Updated: 18-Sep-24 09:07 ET

Highlights

Housing starts increased 9.6% month-over-month to a seasonally adjusted annual rate of 1.356 million units (Briefing.com consensus 1.320 million), bolstered by a 15.8% increase in single-unit starts.
Building permits increased 4.9% month-over-month to a seasonally adjusted annual rate of 1.475 million (Briefing.com consensus 1.415 million), aided by a 2.8% increase in single-unit permits.

Key Factors

The change in single-unit starts by region: Northeast (+47.4%); Midwest (+11.6%); South (+18.9%); and West (+2.8%).
The change in single-unit permits by region: Northeast (+10.2%); Midwest (+6.0%); South (+1.6%); and West (+2.0%).
Multi-unit starts decreased 4.2% month-over-month while multi-unit permits increased 9.3% month-over-month.
The number of units under construction at the end of the period decreased 1.9% month-over-month to a seasonally adjusted annual rate of 1.509 million.

Big Picture

The key takeaway from the report is that single-unit starts and permits were up in every region, reflecting increased activity among builders that has been facilitated by sliding interest rates and pent-up demand.