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News Sept. 18, 2019

Housing starts rise in August

U.S. new-home construction rose 12.3% in August to a seasonally adjusted annual rate of 1.364 million units, which is a more than 12-year high, according to reuters.com.

Economists had expected housing starts to advance to a pace of 1.250 million units in August. The August rate increased 6.6% compared with August 2018.

Single-family starts rose 4.4% to 919,000, and building permits increased 7.7% to a 1.419 million annualized rate—the highest level since May 2007.

Data for July was revised up to show homebuilding falling to a pace of 1.215 million units instead of decreasing at a rate of 1.191 million units as previously reported.

Confidence among homebuilders increased in September, with builders reporting solid demand for homes. However, they said they “continue to grapple with ongoing supply-side challenges that hinder housing affordability, including a shortage of lots and labor.” Builders also said the U.S.-China trade tensions were “holding back home construction in some parts of the nation.”

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