U.S. Housing Starts Exceed Expectations

ByJohn S. McClenahen August starts for privately owned housing in the U.S. were at an annual rate of 2 million units, 0.6% above the revised July estimate of 1.988 million units and significantly higher than the 1.93 million units economists generally expected. Starts for single-family homes were at an annual rate of 1.667 million in August, 0.4% above Julys 1.66 million, the U.S. Commerce Department and the Department of Housing and Urban Development jointly reported on Sept. 21. Starts for buildings with five or more units were at an annual rate of 265,000 in August, 0.4% higher than Julys rate of 264,000.