Multifamily housing starts were up strongly in August while single family starts declined, according to a report from the US Department of Housing and Urban Development and the US Census Bureau.
The multifamily sector, which includes apartment buildings and condos, increased 20.6% to a 539,000 pace while single-family starts decreased 2.8% to a 1.08 million seasonally adjusted annual rate.
Single family starts, however, are up 23.8% year-to-date with single-family units permitted showing a gain of 50.0% from a year ago.
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