Housing starts climbed 0.9% month-over-month (MoM) in August, to an annualized pace of 891,000.
This missed expectations for a 2.3% rise to 917,000. Meanwhile, July's number was revised down to reflect a 5.7% rise to 883,000.
Building permits fell 3.8% to 918,000 in August. This missed expectations for a 0.4% decline to 950,000.
July's numbers were revised up to reflect a 3.9% rise to 954,000.
Bank of America analysts point out that permits typically lead housing starts by two months.
We have previously mentioned that homebuilder confidence has been outpacing housing starts.
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- Housing starts