WASHINGTON, DC—Housing starts for Augustdropped more than what economists had been expecting, according tothe Commerce Department report released Thursdaymorning. However, the agency also revised upward the previousmonth's starts, leaving the industry with the sense that thehousing market recovery continues to plod along.
Still, though, the drop was disconcerting, especiallyconsidering that multifamily led the dive.
Beginning home construction fell 14.4%, themost since April 2013, to a 956,000 annualized rate. The good newswas that the revised numbers for July, a 1.12 million pace, was thestrongest since November 2007. Also, August's 2014 starts are 8%above the August 2013 rate of 885,000.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
