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U.S. housing starts beat expectations in August By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO. A carpenter is busy building townhomes in Tampa, Florida. This was May 5, 2021. REUTERS/Octavio Jones

WASHINGTON(Reuters) – U.S. homebuilding increased more than expected in August, likely boosted by an easing in lumber prices, though land and labor shortages remain challenges.

The Commerce Department reported Tuesday that housing starts increased 3.9% to an adjusted seasonally annual rate of 1.61 million units in August. The Commerce Department revised July’s data to 1.554million units, up from 1.534 million.

Reuters polled economists and predicted that starts would rebound to a rate 1.555 million units.

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