Hurricane Effects to Show Up in September
Housing starts fell to a 1.18 million-unit annualized rate in August after being revised up slightly for the month of July. All of the weakness was due to a drop in the construction of multifamily structures, largely in the luxury apartment market. The Northeast region posted some of the largest declines. Effects related to Hurricane Harvey, which occurred late in the month, are not likely show up until September because the assumptions were made by statisticians before the end of August when the hurricane hit.