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Housing starts in August fell 3 percent to an annual rate of 1.13 million units (SAAR), according to a recent Census Bureau report.

“The small dip in August housing starts is minor considering the sustained momentum we’ve seen in housing overall in 2015,” says Quicken Loans Vice President Bill Banfield. “When you couple the slow but steady rise in single-family unit construction with an increase in builder confidence, it’s further support that housing is returning to its place as a major player in driving economic growth.”

Privately owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,170,000. This is 3.5 percent (±1.4 percent) above the revised July rate of 1,130,000, and is 12.5 percent (±1.9 percent) above the August 2014 estimate of 1,040,000. Single-family authorizations in August were at a rate of 699,000; this is 2.8 percent (±1.7 percent) above the revised July figure of 680,000. Authorizations of units in buildings with five units or more were at a rate of 440,000 in August.

Housing Starts
Privately owned housing starts in August were at a seasonally adjusted annual rate of 1,126,000. This is 3.0 percent (±11.3 percent) below the revised July estimate of 1,161,000 and is 16.6 percent (±10.4 percent)* above the August 2014 rate of 966,000. Single-family housing starts in August were at a rate of 739,000; this is 3.0 percent (±9.5 percent)* below the revised July figure of 762,000. The August rate for units in buildings with five units or more was 381,000.

Housing Completions
Privately owned housing completions in August were at a seasonally adjusted annual rate of 935,000. This is 6.1 percent (±12.5 percent) below the revised July estimate of 996,000 and is 3.3 percent (±12.7 percent) above the August 2014 rate of 905,000. Single-family housing completions in August were at a rate of 627,000; this is 1.6 percent (±11.0 percent) above the revised July rate of 636,000. The August rate for units in buildings with five units or more was 283,000.

For more information, visit www.hud.gov.

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