Construction began on 1.36 million housing units in August — a 12 percent jump compared to July, and 6.6 percent higher than observed in August 2018. The monthly total is the highest number of housing starts since June 2007.
Residential building permits in August also increased to 1.42 million, 7.7 percent more than in July and 12 percent higher than August 2018. The last time building permits were this high was May 2007. Also, 1.29 million housing units were completed in August, 2.4 percent higher than July and 5 percent higher than August 2018.
These strong numbers gel with Zillow stating that builder confidence is at an annual high despite economic uncertainties.