Housing permits, starts up in August

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.