Single-family housing starts declined 4.0% in August to an annual rate of 1.48 million units and multifamily production dropped 3.1% to a 344,000-unit pace.
Starts increased 1% in the Midwest, but declined 23.3% in the Northeast, 2.7% in the South and 1.9% in the West.
NAHB has raised its forecast for housing starts this year to 1.76 million units, which would up about 3% from last year’s healthy level of production, Seiders said.
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