Housing Starts Dip Slightly in August but Show 19% Year-to-Year Increase

Privately-owned housing starts in August were at a seasonally adjusted annual rate of 891,000, 0.9% above the revised July estimate of 883,000 and 19% above the August 2012 rate of 749,000.
Sept. 20, 2013
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The U.S. Census Bureau says privately-owned housing starts in August were at a seasonally adjusted annual rate of 891,000, 0.9% above the revised July estimate of 883,000 and 19% above the August 2012 rate of 749,000. Single-family housing starts in August were at a rate of 628,000; 7% above the revised July figure of 587,000.
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According to David Crowe, chief economist for the National Association of Home Builders,  “Following a solid run up in builder confidence over the past year, we are seeing a pause in the momentum as consumers wait to see where interest rates settle and as the headwinds of tight credit, shrinking supplies of lots for development and increasing labor costs continue.”
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