U.S. housing starts, permits decline in August

WASHINGTON — U.S. housing starts fell by 5.1 percent to a seasonally adjusted annual rate of 1.416 million units in August, the U.S. Commerce Department reports. It was the first decline after three months of strong gains. In a Reuters poll, economists projected a SAAR of 1.478 million units. The drop was a result of lower activity in the multi-family sector; single-family starts rose by 4.1 percent to a rate of 1.021 million units. Building permits were down 0.9 percent to a rate of 1.47 million units overall, while permits for single-family dwellings increased by six percent to a rate of 1.036 million units.