Today’s New Residential Construction Report showed gains in August with single family permits increasing from July while starts also increased over the same period. Single family housing permits, the most leading of indicators, increased a slight 0.2% from July to 512K single family units (SAAR), and increased 19.3% above the level seen in August 2011 but still remained an astonishing 71.52% below the peak in September 2005.
Single family housing starts increased 5.5% from July to 535K units (SAAR), and climbed 26.8% above the level seen in August 2011 and remained a stunning 70.65% below the peak set in early 2006.
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