U.S. home construction rebounded a better-than-expected 3.9% in August with the strength coming in apartment construction.
FILE - In this Feb. 8, 2019 file photo, work is done on an apartment building under construction in Sacramento, Calif. California lawmakers have advanced the second of two measure's designed to ease local zoning ordinances for home construction. Spurred by an affordable housing shortage, spiking home prices and intractable homelessness, California lawmakers on Thursday, Aug. 26, 2021, advanced the second of two measures designed to cut through local zoning ordinances.
The August increase left home construction at a seasonally adjusted annual rate of 1.62 million units, 17.4% above the pace of a year ago, the Commerce Department reported Tuesday. Housing starts had fallen 6.2% in July. Applications for building permits, a good sign of future activity, rose 6% to a seasonally adjusted annual rate of 1.73 million units. However, with demand still strong and homes for sale still in short supply, the outlook for housing construction remains solid for the rest of this year.
Construction activity was up in all parts of the country except the West, which saw a 21.1% decline Construction surged 167.2% in the Northeast but that jump came after a 54.4% plunge in July. Construction starts were up 11.4% in the Midwest and 1.4% in the South.
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