New housing starts in August rose to an annual seasonally adjusted rate of 750,000, an increase of 2.3% from the revised July rate of 733,000 and a gain of 29.1% above the August 2011 rate of 581,000. A consensus estimate from a survey of economists expected the rate to rise to 775,000.
The seasonally adjusted rate of new building permits fell to 803,000, which is 1% less than the revised July rate of 811,000 and 24.5% higher than the August 2011 rate of 627,000.
Single-family housing starts rose to 535,000 in August, up 5.5% from the revised July rate of 507,000. In the year to date, single-family housing starts are up 21.3% year-over-year.
For the first eight months of 2011, starts averaged 401,200, while starts in the first eight months of 2012 have averaged 504,400. That’s an increase of 26%, and even if new starts slow down in the final few months of the year, the full-year increase over 2011 is likely to be at least 20%. Good news indeed.
Paul Ausick
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.