Steel Markets
September 19, 2016
South Drags Down Housing Starts and Permits in August
Written by Sandy Williams
Housing starts were down 5.8 percent from July to August. The U.S. Census Bureau and the Department of Housing and Urban Development reported starts were at a seasonally adjusted annual rate of 1,142,000, 0.9 percent higher than year ago levels. Single family starts were down 6.0 percent and multi-family down 6.9 percent. The housing starts improved in the Northeast, Midwest and West in August, declining only in the South.
Housing permits authorizations, an indicator of future building, inched down 0.4 percent from July to August and were down 2.3 percent from August 2015. The seasonally adjusted annual rate for permits was 1,144,000 for the month. Compared to the previous month, single family authorizations increased 3.7 percent and permits for buildings of five or more units decreased 8.4 percent. The decline in permit authorizations, like housing starts, was entirely in the South.
