Housing starts increased almost exclusively due to an uptick in the construction of multifamily buildings.
The numbers: Home builders picked up the pace of new-home construction and permitting in August, with a sharp focus on multifamily housing.
What happened: With both housing starts and building permits, the gains recorded in August were driven by an uptick in multifamily construction activity. Multifamily starts rose by nearly 22%, whereas single-family starts decreased by roughly 3% on a monthly basis. The big picture: A faster pace of construction is just what the housing market needs, but it’s not clear that builders are making the exact types of homes the country needs.
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