Housing starts posted a double-digit gain in August thanks to a big uptick in multifamily production, though single-family starts remained tepid.
According to data from the US Department of Housing and Urban Development and the Census Bureau, overall housing starts increased 12.2% to a seasonally adjusted annual rate of 1.58 million units in August from a downwardly revised July reading.
That figure represents the number of housing units builders would begin if development kept the same pace for the next year. And within that number, single-family starts increased 3.4% to a 935,000 seasonally adjusted annual rate and are down 4% year-to-date. Meanwhile, starts in the multifamily sector increased 28% to an annualized 640,000 pace.
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