Multi-Family Building Increases 35.3% in August. Single-Family Starts Down 3.0%
Total housing starts came in near expectations for August, but not for the reasons analysts were expecting. New construction projects for single-family homes unexpectedly skidded after five consecutive monthly gains, while starts for multi-family units rebounded more than forecasts.
The total number of housing starts came in at 598k, just 2k below the consensus forecast. But, rather than being driven by single-family starts, the number was elevated due to revisions for July â€
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