U.S. home construction rebounded 3.9% in August after a July decline with the strength coming in apartment construction. The August increase left home construction at a seasonally adjusted annual rate of 1.62 million units, 17.4% above the pace of a year ago, the Commerce Department reported Tuesday. The strength came in a 21.6% jump in construction of apartment units which offset a 2.8% fall in construction starts of single-family homes. Applications for building permits, seen ;as a good sign of future activity, rose 6% to a seasonally adjusted annual rate of 1.73 million units.
A survey of builder sentiment done by the National Association of Home Builders and Wells Fargo showed sentiment inched up one point to a reading of 76 in September. Lower lumber prices and strong demand for housing helped to offset problems builders are having with supply chain issues and ongoing labor shortages.
- US Home Construction Up 3.9% in August After July Slump
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