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Building permits rose 4.9% in August but are 6.5% lower than August 2023. Permits for single-family homes were 2.8% higher than July but were down 0.5% in the past year. Permits for buildings with five or more units surged 8.4% from July but are down a significant 16.8% in the past year.

In August, housing starts increased 9.6% over the month and 3.9% over the year. Starts for single-family homes were up 15.8% from July and 5.2% from August 2023. On the other hand, starts for buildings with five or more units declined 6.7% from July and were down 6.2% from August 2023.

Housing completions in August were up 9.2% from July and a significant 30.2% higher than August 2023. Single-family home completions were down 5.6% from July to 1,029,000 but up 8.4% over the year. Completions for buildings with five or more units rose 36.5% and were 79.2% higher than August 2023.