Washington, D.C. -- Led by a surge in multifamily production, total housing starts rose 12.3% in August to a seasonally adjusted annual rate of 1.36 million units from an upwardly revised reading in July, according to a report from the U.S. Housing and Urban Development and Commerce Department. This is the highest level since May 2007.
The August reading of 1.36 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts increased 4.4% to 919,000 units. The multifamily sector, which includes apartment buildings and condos, jumped 32.8% to a 445,000 pace.