Last Update: 18-Sep-14 09:56 ET
- The Housing Starts report for August was replete with mostly disappointing headline figures.
- Starts declined 14.4% from an upwardly revised 1.117 million in July (from 1.093 mln) to 956,000 in August.
- Much of the decline can be attributed to a 32% decline in multi-family starts; single-family starts, however, fell 2.4%.
- Building permits were down 5.6% from an upwardly revised 1.057 million (from 1.052 mln) in July to 998,000. Permits for single-family homes declined 0.8% to 626,000.
- On a brighter note, the number of units under construction rose 0.6% to 794,000, paced by a 1.4% increase in single-family units (multi-family units were flat). Single-family construction contributes more to overall construction growth per unit than the multi-family sector, so this can be construed as a positive for Q3 GDP computations.