WASHINGTON — U.S. homebuilding in August reached its highest level of activity since 2007, an indication that the housing market is responding positively to lower mortgage rates. According to the U.S. Commerce Department, housing starts for the month soared by 12.3% to a seasonally adjusted annual rate of 1.364 million units, with construction of both single- and multi-family dwellings picking up speed. July’s estimate was revised upward to a rate of 1.215 million units, a more modest decline than the initially reported 1.191 million units. In a Reuters poll, economists estimated housing starts would climb to 1.25 million units. The value of building permits in August rose 7.7% to a rate of 1.419 million units, the highest since May 2007. Year-over year, housing starts were up 6.6%.
U.S. homebuilding hits 12-year high
Most Recent
Most Read
Taiga Building Products posts Q1 results
Mon, May 06th, 2024
Ace Hardware in U.S. debuts line of barbecue sauces
Mon, May 06th, 2024
Consumer boycott of Loblaw Companies begins
Fri, May 03rd, 2024
Pont-Masson ad evokes a classic movie
Fri, May 03rd, 2024
Featured Classified: Taiga
Fri, May 03rd, 2024
Canfor announces earnings, acquisition
Thu, May 02nd, 2024
Two more retailers to showcase Quebec-made products
Thu, May 02nd, 2024
Throwback Thursday: “Canadians are ready to start spending again,” we reported ten years ago
Thu, May 02nd, 2024
RONA stores raise money in May to support communities
Thu, May 02nd, 2024
AD Canada garners recognition as great place to work
Thu, May 02nd, 2024