Residential construction numbers were a
surprise again in August. Permits for construction and housing starts were both
higher than expected, however, multifamily numbers were driving the results. Housing permits were issued at a seasonally
adjusted annual rate of 1.728 million units, a 6.0 percent increase from the 1.630
million permit rate (revised down from 1.635 million) in July and 13.5 percent higher
than the 1.522 million number in August 2020. Analysts had expected permits to pull back
from the July pace. Those polled by both Econoday and Trading
Economics had projected permits at 1.6 million units.