Housing Starts Fall 5.8% for the Month on Floods in South but Stay Ahead of Last Year

The U.S. Census Bureau said privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,142,000, 5.8% below the revised July estimate of 1,212,000, but 0.9% above the Aug. 2015 rate of 1,132,000. Single-family housing starts in August were at a rate of 722,000, -6% below the revised July figure of 768,000. The August rate for units in buildings with five units or more was 403,000.

According to the National Association of Home Builders (NAHB), Washington, D.C.,  part of the August decline in single-family starts was weather-related, particularly due to flooding issues in Louisiana. The South reported a 13% decline in single-family starts on a monthly basis.