The decline in housing starts reported by the Commerce Department on Tuesday was the largest in a year and occurred across the board.
Housing starts tumbled 11.3% to a seasonally adjusted annual rate of 1.283 million units last month, the lowest level since June 2020.
Data for July was revised lower to show starts accelerating to a rate of 1.447 million units instead of the previously reported 1.452 million units.
Single-family housing starts, which account for the bulk of homebuilding, dropped 4.3% to a rate of 941,000 units last month.
They were boosted by a 14.8% surge in multi-family housing permits to a rate of 535,000 units.
Persons:
Mike Blake, homebuilding, Daniel Vielhaber, Hilary, Freddie Mac, Goldman Sachs, Nancy Vanden Houten, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Paul Simao, Andrea Ricci
Organizations:
REUTERS, Commerce Department, Federal, Nationwide, Reuters, U.S, Treasury, National Association of Home Builders, Oxford Economics, Realtors, LPL Financial, Thomson
Locations:
Rancho, San Diego , California, U.S, WASHINGTON, Columbus , Ohio, homebuilding, Northeast, Midwest, Wells Fargo, New York, Charlotte , North Carolina