Housing Starts, Permits, Decline in August

Washington, DC, Sept. 18, 2014 -- U.S. housing starts and permits both declined in August, according to the Commerce Department.

However, July's starts were revised higher.

Construction starts decreased 14.4% to a seasonally adjusted annual 956,000-unit pace, mostly due to a 31.7 decline in multi-family housing.

July's starts were revised to show a 1.12-million unit rate instead of the previously reported 1.09-million unit rate.

Groundbreaking for single-family homes fell 2.4% in August to a 643,000-unit rate.

Permits in August fell 5.6% to a 998,000-unit pace.

Permits for single-family homes fell 0.8% to a 626,000-unit pace.