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Housing starts surged in August, boosted by multifamily projects Time:2022/09/23 16:21:00 Hit:183

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Housing starts rose 12.2% in August to a seasonally adjusted annual rate of 1.575 million units, largely boosted by multifamily projects, according to reuters.com. Economists expected starts to come in at a rate of 1.445 million units.


Applications for building permits, a good indication of future activity, fell 10% to 1.517 million units in August.


Single-family housing starts rose 3.4% to a rate of 935,000 units after declining every month since March, and the rate for multifamily starts surged 28.6% to 621,000 units—the highest level since April 1986. Building permits for single-family homes declined 3.5% to a rate of 899,000 units.


The 30-year fixed-rate mortgage was at an average of 6.02% during the week of Sept. 12, which is up from 3.22% at the beginning of 2022.


The number of houses authorized for construction but not yet started fell 2.7%, and the single-family housing backlog decreased 3.4% in August.





Original Information Source:

https://www.nrca.net/RoofingNews/housing-starts-surged-in-august-boosted-by-multifamily-projects.