MMultifamily Starts Surge in August as Single-Family Production Remains Weak
High mortgage rates and building production bottlenecks continue to act as a drag on the single-family housing market even as overall housing starts posted a double-digit gain in August due to a surge in multifamily production.
Overall housing starts increased 12.2% to a seasonally adjusted annual rate of 1.58 million units in August off of a downwardly revised July reading, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.