Economics
U.S. Housing Starts Fall More Than Forecast on Multifamily Drop
- New construction fell in tropical storm-hit South region
- Stronger single-family home starts show market remains firm
Photographer: George Frey/Bloomberg
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U.S. home starts fell more than forecast in August, reflecting less construction of apartments and a decline in the tropical storm-hit South, representing a pause in momentum for a housing market that’s been a key source of fuel for the economy.
Residential starts decreased 5.1%, to a 1.42 million annualized rate from a month earlier, according to a government report released Thursday. The decline follows a downwardly revised 17.9% surge in the prior month. The median forecast in a Bloomberg survey called for a 1.49 million pace in August.