Housing starts in August were at a seasonally adjusted annual rate of 598,000, 1.5% above July but 29.6% below August 2008, where starts were at a rate of 849,000, the U.S. Census Bureau and the Department of Housing and Urban Development announced today.
Single-family housing starts in August were at a rate of 479,000, 3% below the revised July figure of 494,000. The August rate for units in buildings with five units or more was 115,000.
Regionally, year-to-date, housing starts fell 54.9% in the Northeast, were down 33.3% in the Midwest, declined 44% in the South, and dropped 44.1% in the West.
Building Permits
Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 579,000. This is 2.7% above July, but 32.4% below August 2008. Single-family authorizations in August were at a rate of 462,000; this is 0.2% below July.
Authorizations of units in buildings with five units or more were at a rate of 98,000 in August.
Housing Completions
Privately-owned housing completions in August were at a seasonally adjusted annual rate of 760,000. This is 5.5% below the revised July estimate of 804,000 and is 25.3% below the August 2008 rate of 1,018,000. Single-family housing completions in August were at a rate of 489,000; this is 1.6% below July. The August rate for units in buildings with five units or more was 256,000.