U.S. home building fell for a second straight month in August as a rebound in the construction of single-family houses was offset by persistent weakness in the volatile multi-family home segment.
Figures released Tuesday by the U.S. Commerce Department showed housing starts slipped 0.8% to a seasonally adjusted annual rate of 1.18 million units. July’s sales pace was revised up to 1.19 million units from the previously reported 1.16 million units.
The department also said building permits surged 5.7% to a rate of 1.30 million units in August, the highest level since January. Single-family home permits fell 1.5%, while permits for the construction of multi-family homes soared 19.6%.
The data suggested limited impact on permits from Hurricane Harvey, which lashed Texas in late August and caused unprecedented flooding in Houston. The department said the response rate from areas affected by the storm "was not significantly lower."
