Construction Numbers Pushed Higher by Multifamily Surge; Potentially Big Day Ahead For Rates
Residential construction numbers were a surprise again in August. Permits for construction and housing starts were both higher than expected, however, multifamily numbers were driving the results. Housing permits were issued at a seasonally adjusted annual rate of 1.728 million units, a 6.0 percent increase from the 1.630 million permit rate (revised down from 1.635 million) in July and 13.5 percent higher than the 1.522 million number in August 2020. Analysts had expected permits to pull back from the July pace. Those polled by both Econoday and Trading Economics had projected permits at 1.6 million units. Single family permits were only fractionally higher than the prior month, a 0.6 percent gain from 1.048 million to 1.054 million units. Permits for construction in buildings containing five
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