U.S. Homebuilding Increased More than Expected in August
September 19, 2018
New home construction rose by 9.2 percent in August, with a seasonally adjusted rate of 1.282 million units. This is a positive sign for the housing market, which has slowed in the face of low inventory. Economists had forecast an increase of 1.235 million units. The Commerce Department also increased July’s new construction estimate to 1.174 million units.
Much of August’s increases came from multi-family homes, which increased by 29.3 percent. Single-family homes increased by a more modest 1.9 percent.