US Housing Starts Surge to 8-Year High

Published by: Dave Simmons on 18th Aug 2015 | View all blogs by Dave Simmons

US Housing Starts Surge to 8-Year High

The US Commerce Department reported Tuesday that housing starts surged to a near eight-year high in July as the world's largest economy continues to improve. According to the report, housing starts rose 0.2 percent last month to a seasonally adjusted annual pace of 1.21 million units. That's the fastest pace of groundbreaking on new homes since October 2007. That marks the fourth straight month in which starts were over the one million unit pace, and was the fastest pace for starts since October 2007. The pace also exceeded the consensus projection from a group of economists in a recent Bloomberg survey, which called for a pace of 1.19 million units. Combined with recent positive readings on jobs, retail sales and manufacturing, Tuesday's report helps paint a picture of a US economy that is finally approaching pre-recession health.

Housing starts in the single-family sector, which accounts for the majority of the housing market, rose 12.8 percent last month to an annual pace of 782,000, the fastest since December 2007. That helped offset a 17 percent decline in groundbreaking for multifamily housing units.

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