Housing Starts Plummet 11.3% in August
New residential housing starts plummeted to their slowest pace since 2020 according to the U.S. Census Bureau and the Department of Housing and Urban Development. In August, housing starts dropped to a seasonally adjusted annual rate of 1.283 million, falling short of the forecasted 1.440 million. This marks an 11.3% decrease from July and a 14.8% decline compared to one year ago.
Here is the opening of this morning's monthly report:
Privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,283,000. This is 11.3 percent (±8.3 percent) below the revised July estimate of 1,447,000 and is 14.8 percent (±9.0 percent) below the August 2022 rate of 1,505,000. Single‐family housing starts in August were at a rate of 941,000; this is 4.3 percent (±8.8 percent)* below the revised July figure of 983,000. The August rate for units in buildings with five units or more was 334,000. [link to report]