The unexpected increase of 0.3% to a 610,000 annual rate provides additional evidence that homebuilding may be bottoming. However, economists caution that it’s still too early to declare any kind of solid turnaround.
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One month doesn’t make a trend, but builders in the beleaguered U.S. construction sector will take any good news they can get, and in August they received some: an unexpected 0.4% increase in construction spending, led by government-funded projects.
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Housing starts rose 10.5% in August to a seasonally adjusted annual rate of 598,000, providing hope that the sector is stabilizing. However, economists caution that monthly data have a large margin of error.
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