August Housing Starts Rebounded By 2.3% To 750,000 Units

U.S. housing starts rebounded by 2.3% to 750,000 annualized units in August.  It was under the 760,0000 starts expected by markets though near our forecast of 755,000 starts.  However, it comes after July’s 746,000 units started was downwardly revised to 733,000 units.  Single family starts rose by 5.5% over July, erasing the 4.5% drop seen in July.  Multi-family starts dropped by 4.9% after a 1.3% gain the month before.  Building permits dipped by 1.0% to a still high 803,000 in August.  While the report was a little weaker than consensus expectations, it will likely have only a modest impact on markets today, as investors take in more quantitative easing by the Bank of Japan.

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