Last Update: 18-Sep-15 21:33 ET
- Housing starts declined 3.0% in August to 1.126 mln from a downwardly revised 1.161 mln (from 1.206 mln) in July. The Briefing.com Consensus expected housing starts to fall to 1.158 mln.
- As expected, single-family starts pulled back in August after reaching a seven-year high in July. Construction levels, however, still remained relatively robust. Single-family starts slipped only 3.0% to 739,000 in August from 762,000 in July, and new construction is running well above its three-month (729,333) and 12-month (692,417) averages.
- Multifamily starts declined to 387,000 in August from 399,000 in July. After a flurry of new starts in April, May, and June (averaging 451,000), construction trends are returning to more normal levels.
- The number of homes currently under construction increased 1.3% to 920,000 in August from 908,000 in July. Importantly, half of the gain came from single-family construction, which accounts for more construction spending per unit than multifamily. That should help bolster third quarter GDP growth.
- Construction trends have recovered following the unusually cold winter and are back on their late 2014 accelerated pace.