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Single-family housing construction picked up in August along with future construction permits. According to the Commerce Department, single-family housing starts jumped 7.0%, the highest level seen in 6 months, averaging an annual rate of 628,000 units. Construction permits for single-family housing also increased hitting a five-year high. Economist at RBS, Guy Berger said, “homebuilding seems to be holding up decently in the higher mortgage rate environment, probably due to the support of strong underlying fundamentals – thin inventories and steady household formation.” Additional starts and permits are expected over the coming months, according to experts. More here
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