U.S. Housing Starts Steady, Permits Rise Ahead of Hurricanes

Steady U.S. new-home construction in August together with a jump in permits indicate the housing market was moving ahead before a likely temporary hit from Hurricanes Harvey and Irma, government figures showed Tuesday.

The pace of groundbreaking may show swings for several months following Harvey’s extensive damage to southeast Texas in late August and Irma’s landfall in Florida in early September. Higher prices for construction materials also have the potential to pinch the industry, which is already contending with a shortage of workers and ready-to-build lots.