Housing permits, starts up in August

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Although permits and construction starts for privately owned housing units remain well below figures for the same months in 2008, both were up in August over July – a sign of a potential bottoming out in the housing market. Building permits in August were at a seasonally adjusted annual rate of 579,000 ­– 2.7 percent above the revised July rate. And housing starts were at a seasonally adjusted annual rate of 598,000 – 1.5 percent above the revised July estimate. Permits and starts were down 32.4 percent and 29.6 percent, respectively, in August compared to August 2008.