Housing starts, an indicator of new home construction, rose more than expected in August, data showed Tuesday morning.
Construction of new homes began at a seasonally adjusted annual rate of about 1.58 million in August, the Census Bureau and the Department of Housing and Urban Development said Tuesday. This is an increase from the revised July rate of around 1.4 million and faster than the 1.45 million requested by
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Permits, a measure of future construction, fell. The seasonally adjusted annual rate of about 1.52 million was lower than July’s revised rate of about 1.69 million and lower than consensus estimates which called for a rate of about 1.63 million.
Homebuilders, for their part, are not particularly optimistic. Builder confidence fell for the ninth straight month in September, the National Association of Home Builders said Monday. The survey result, which is believed to be correlated with single-family housing starts over the next six months, was at its lowest level since spring 2020, the trade group said.
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Write to Shaina Mishkin at [email protected]