September 22 U.S. housing starts rebounded in August, after faltering in June and eking out a slight gain in July, according to the latest data from the U.S. Census Bureau.
Overall starts jumped 10.5% above July. Total starts improved by 1.7% in July, after falling 8.7% in June.
The gain was led by a 32.2% rise in multi-family starts, on the heels of a 36% increase in July.
Single-family starts rose 4.3% after dipping 6.7% in July.
Year-over-year, August starts were running 2.2% ahead of 2009.
New housing permits issued in August were up 1.8% vs. July. They are down 6.7% on a year-ago basis.
The big gains in multi-family starts in the last two months seems to bode well for more jobs in the construction sector. Single-family starts remain at a low pace, slowed to some degree by excess supply on the market.