After a disappointing July, Housing Starts rose 9.6% from July to August, hitting their fastest pace since April. Starts for single-family homes, which are especially crucial due to buyer demand, were also higher with a whopping 15.8% rise. There was a similar trend in future construction, with Building Permits moving higher from July to August for both single-family and multi-family homes.
What’s the bottom line? New home construction rebounded in August, led by the huge boost in single-family home construction. Building Permits, a sign of future construction, also hit a 5-month high. Again, this increase in permits shows that builders feel more confident about the future thanks to lower interest rates.