U.S. Markets closed

Housing Starts Miss Expectations

Mamta Badkar
housing construction california

REUTERS/Mike Blake

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.

More From Business Insider