By MARTIN CRUTSINGER, AP Economics Writer
WASHINGTON (AP) — U.S. dwelling development will increase 3.9% in August with the power coming in condo development.
The August improve left dwelling development at a seasonally adjusted annual charge of 1.62 million models, 17.4% above the tempo of a 12 months in the past, the Commerce Department reported Tuesday. Housing begins had fallen 6.2% in July.
The August power got here in a 21.6% bounce in development of condo models which offset a 2.8% fall in development of single-family houses.
Applications for constructing permits, seen as a superb signal of future exercise, rose 6% to a seasonally adjusted annual charge of 1.73 million models.
A survey of builder sentiment completed by the National Association of Home Builders and Wells Fargo confirmed sentiment inched up one level to a studying of 76 in September. Lower lumber costs and robust demand for housing helped to offset issues builders are having with provide chain points and ongoing labor shortages.
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