Home construction starts in the US decreased in August

The US Department of Commerce announced housing starts and building permit statistics for August.

Consequently, constructions started in August decreased by 11.3 percent compared to the previous month, up to 1 million 283 thousand.

Housing starts, which fell to their lowest level since June 2020 and below expectations, were expected to reach 1.44 million in this period. Housing construction starts increased 2 percent in July, reaching 1 million 447 thousand.

Housing construction starts in the country decreased by 14.8 percent annually in August.

CONSTRUCTION PERMITS EXCEEDED EXPECTATIONS

Construction permits increased 6.9 percent month-on-month to 1,543,000 in August, registering the highest level in 10 months. Construction permits, which were above market expectations, were expected to amount to 1,440,000 in this period. Construction permits increased 0.1 percent in July, reaching 1 million 443 thousand.

Construction permits in the US decreased 2.7 percent year-on-year in August. (AA)