Housing Starts Jump 10.5% in August, Highest Levels in Four Months

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Good news on the U.S. housing front today.

According to the U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for August 2010, new home starts were at the highest levels in the last four 'post tax credit expiration' months.

BUILDING PERMITS

Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 569,000. This is 1.8 percent (±2.0%) above the revised July rate of 559,000, but is 6.7 percent (±1.4%) below the August 2009 estimate of 610,000.

Single-family authorizations in August were at a rate of 401,000; this is 1.2 percent (±1.0%) below the revised July figure of 406,000.Authorizations of units in buildings with five units or more were at a rate of 150,000 in August.

HOUSING STARTS

Privately-owned housing starts in August were at a seasonally adjusted annual rate of 598,000. This is 10.5 percent (±11.9%) above 11.9%) the revised July estimate of 541,000 and is 2.2 percent (±9.7%) above the August 2009 rate of 585,000.

Single-family housing starts in August were at a rate of 438,000; this is 4.3 percent (±12.4%)* above the revised July figure of 420,000. The August rate for units in buildings with five units or more was 147,000.

HOUSING COMPLETIONS

Privately-owned housing completions in August were at a seasonally adjusted annual rate of 603,000. This is 5.6 percent (±12.6%) above the revised July estimate of 571,000, but is 23.7 percent (±9.6%) below the August 2009 rate of 790,000.

Single-family housing completions in August were at a rate of 482,000; this is 1.3 percent (±12.0%) above the revised July rate of 476,000. The August rate for units in buildings with five units or more was 115,000.

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