Multi-Family Leads Way In U.S. Housing Jump
After a downward slip in July, U.S. housing starts, riding a multi-family hike, increased to a seasonally adjusted rate of 1.615 million in August, 3.9% above July and 17.4% over August a year ago, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report.
While single-family starts came in at 1.076 million, down 2.8% from July, multi-family (five units or more) shot to 530,000, a whopping 21.6% increase over July and 60% above August a year ago.
Housing starts began a run of consecutive monthly jumps in August 2020 that carried through the end of the year.
Housing building permits were at a seasonally adjusted rate of 1.728 million, 6% above July and 13.5% over August a year ago. Single-family permits came in at 1.054 million, less than a percent above July and basically even with August a year ago. Multi-family permits were 632,000, nearly 20% above July and almost 53% above August a year ago.
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