Authorized building permits were 3.5 percent higher in August, compared to July, but starts were down 3.0 percent and completions fell 6.1 percent from the previous month.

Authorized building permits went up in August, compared to July, but housing starts and completions were down for the month, new residential construction data from the U.S. Census Bureau shows.

A total of 1,170,000 permits were issued, or 3.5 percent better than July's 1,130,000 permits. This includes both single-family and multifamily developments. It is also 12.5 percent higher than the 1,040,00 total permits in August 2014.

Single-family homes accounted for 699,000 of those permits, and that is a 2.8 percent hike compared to July's 680,000 permits. This is also 8.7 percent better than the 643,000 units in August 2014. A total of 440,000 permits were authorized for buildings of five units or more, an increase of 4.3 percent over the 422,000 units in July. This is also a 21.5 percent jump over the 362,000 permits in August 2014.

There were 1,126,000 privately-owned housing starts in August, which is 3.0 percent lower than July's 1,161,000 starts. But total housing starts are 16.6 percent higher on a year-to-year basis.

Single-family homes accounted for 739,000 of those starts, a 3.0 percent decline from July's 762,000. But it is a 14.9 percent improvement over the 643,000 units in August 2014.

The August rate for buildings of five units or more was 381,000, a 2.3 percent decline from July, but 24.5 percent better than the 306,000 units of a year ago.

There were 935,000 total housing completions in August, a 6.1 percent cut from July's 996,000. But it is 3.3 percent higher on a yearly basis, compared to the 905,000 units in August 2014.

Single-family home completions comprised 646,000 units of the overall completions, which is 1.6 percent higher than the 636,000 units in July. But it is 5.4 percent better than the 613,000 units of a year ago.

The August rate for buildings with five units or more was 283,000, a decline of 18.9 percent from the 349,000 units in July. This is 0.4 percent better than the 282,000 units in August 2014.

U.S. Census Bureau website link: https://tinyurl.com/r6ct8u

"Permit growth indicates that our members feel confident that consumers are returning to the market," Tom Woods, chairman of the National Association of Home Builders, said. "However, builders are reporting concerns with lots and labor availability, which could have contributed to this month's production dip."

"A slight one-month decline is not unusual as the housing market moves forward at a slow and steady pace," David Crowe, chief economist for the NAHB, said. "However, encouraging permit data, year-over-year increases in single and multifamily production, and rising builder confidence all bode well for a continuing, gradual recovery throughout the rest of the year."

Total housing starts fell in three of the four regions in August. The Northeast, Midwest and West posted respective month-to-month losses of 33.7 percent, 9.8 percent and 1.1 percent. But the South had a 7.1 percent gain.

In permits, the Midwest, South and West posted respective month-to-month hikes of 2.9 percent, 2.4 percent and 9.6 percent. The Northeast fell 4.4 percent.

National Association of Home Builders website link: https://tinyurl.com/p25c7nv