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U.S. Housing Starts Rose by More Than Forecast in August

  • The increase reflects strength in multifamily projects
  • A measure of backlogs rose to the highest since 1979
      
Photographer: Bing Guan/Bloomberg
Updated on

U.S. housing starts rose by more than expected in August, driven by multifamily projects, though backlogs continued to weigh on construction.

Residential starts rose 3.9% last month to a 1.62 million annualized rate after an upwardly revised July print, according to government data released Tuesday. The median estimate in a Bloomberg survey called for a 1.55 million pace.