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US housing starts race to 12-year high in August

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    US housing starts race to 12-year high in August

    PUBLISHED 11 MINS AGO
    • U.S. homebuilding surged to more than a 12-year high in August.
    • Both single- and multi-family housing construction increased, suggesting that lower mortgage rates were finally providing a boost to the struggling housing market.
    • Housing starts jumped 12.3% to 1.364 million units last month, the highest level since June 2007, the Commerce Department said.
    U.S. homebuilding surged to more than a 12-year high in August as both single- and multi-family housing construction increased, suggesting that lower mortgage rates were finally providing a boost to the struggling housing market.

    Housing starts jumped 12.3% to a seasonally adjusted annual rate of 1.364 million units last month, the highest level since June 2007, the Commerce Department said on Wednesday. Data for July was revised to show homebuilding falling to a pace of 1.215 million units, instead of decreasing at a rate of 1.191 million units as previously reported.

    Economists polled by Reuters had forecast housing starts would advance to a pace of 1.250 million units in August. Building permits increased 7.7% to a rate of 1.419 million units in August, the highest level since May 2007

 
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