Housing starts south of the border fell more than expected in August as building activity declined after two straight months of solid increases, but a rebound in permits for single-family dwellings suggested demand for housing remained intact.
Figures released Tuesday by the U.S. Commerce Department showed groundbreaking decreased 5.8% to a seasonally-adjusted annual pace of 1.14 million units. July's starts came in at a 1.21 million-unit pace.
The department also said permits for future construction slipped 0.4% to a 1.14 million-unit rate last month as approvals for the volatile multi-family homes segment tumbled 7.2% to a 402,000 unit-rate. Permits for single-family homes, the largest segment of the market, surged 3.7% to a 737,000-unit pace.
Economists had forecast housing starts falling to a 1.19 million-unit pace last month and building permits rising to a 1.17 million-unit rate.
