US housing starts, building permits fall in August
Construction of single-family houses declined 6% to 722,000 units in August, the lowest level recorded since October 2015 while housing starts for volatile multi-family houses fell 5.4 % to 420,000 units.
Meanwhile, US building permits were down by 0.4% to 1.14 million in August while economists had expected building permits to increase to 1.17 million units. Permits for single-family houses were up 3.7% to 737,000 units while multi-family building permits rose 7.2% to 402,000 units in August. Rising permits for the construction of single-family houses in August signals that the single-family house building may rebound next month.
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