Housing Permits and Starts Hit Highest Levels in a Year

August turns out to have been among the year's strongest periods for residential construction. While analysts had expected builders to shake off some of the lethargy that has dogged the industry for most of the year, increasing at least the rate of housing starts. However results exceeded expectations across the board and the rates of permitting and starts were the highest in a year . On a regional basis, numbers for the Northeast and Midwest more than compensated for some softening in the West. The U.S. Census Bureau and Department of Housing and Urban Development reported that permits were issued during the month at a seasonally adjusted annual rate of 1,419,000. This is a 7.7 percent increase from the revised rate of 1,317,000 in July and 12.0 percent higher than the permitting pace in August...(read more)

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