U.S. Single-Family Housing Starts, Permits Show Recovery on Track

A new report from the U.S. Commerce Departments shows some resilience in the housing market recovery in the face of rising mortgage rates. Single-family starts rose 7.0 percent in August to an annual rate of 628,000 units, the highest level in six months. And permits for future construction of single-family homes surged 3.0 percent to their highest level in five years. Multi-family starts and permits fell 11.1 percent and 15.7 percent, respectively, last month. As a result, overall housing starts and permits were down in August. Demand for accommodation as the rate of new household formation recovers from multi-decade lows is expected to keep residential construction supported. | Read More