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
GMS acquires Florida distributor
Fri, August 30th, 2024
Loblaw pilots sitting cashiers
Fri, August 30th, 2024
Don’t miss the incredible speakers at the Hardlines Conference!
Fri, August 30th, 2024
Home Hardware dealer garners NHPA's Young Retailer Award
Thu, August 29th, 2024
GMS posts Q1 results
Thu, August 29th, 2024
NHPA conference presents strategies for weathering bad times
Thu, August 29th, 2024
More Canadians say they’re bagging their own groceries
Thu, August 29th, 2024
RONA Foundation launches campaign
Thu, August 29th, 2024
Throwback Thursday: 10 years ago, Orgill show in Chicago reflected hardlines "turbulence" in Canada
Thu, August 29th, 2024
Tando Composites names Reese Wholesale as flagship dealer
Wed, August 28th, 2024