New Residential Housing Starts Up 3.9% in August

The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for August new residential housing starts. The latest reading of 1.615M was above the forecast of 1.555M and a 3.9% increase from the previous month's 1.554M.

Here is the opening of this morning's monthly report, including a note on revisions:

Housing Starts

Privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,615,000. This is 3.9 percent (±11.3 percent)* above the revised July estimate of 1,554,000 and is 17.4 percent (±12.1 percent) above the August 2020 rate of 1,376,000. Single‐family housing starts in August were at a rate of 1,076,000; this is 2.8 percent (±10.4 percent)* below the revised July figure of 1,107,000. The August rate for units in buildings with five units or more was 530,000. [link to report]

Here is the historical series for total privately-owned housing starts, which dates from 1959. Because of the extreme volatility of the monthly data points, a 6-month moving average has been included.