Steel Markets
September 19, 2017
Hurricanes Impact Southern Housing Statistics
Written by Sandy Williams
New residential building permits surged 5.7 percent month-over-month in August to a seasonally adjusted annual rate of 1.3 million, according to the latest report from the Commerce Department. Single-family authorizations dipped 1.5 percent, but permits for housing of five units or more jumped 22.8 percent. Gains in August were concentrated in the Midwest and West, along with a 3.7 percent increase in the South. Permit authorizations fell 13.0 percent in the Northeast.
Housing starts fell for the second month, slipping 0.8 percent in August to a seasonally adjusted annual rate of 1,180,000. A gain of 1.6 percent for single-family housing was offset by a drop of 5.8 percent for housing of five units or more. Starts were up 22.0 percent in the Midwest compared to July and 4.0 percent in the West. The Northeast and South saw declines of 8.7 percent and 7.9 percent, respectively.
