US housing starts drop slightly in August

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Fordaq
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New residential construction in the U.S. unexpectedly decreased in the month of August, according to a report released by the US Commerce Department on Tuesday.

The report said housing starts fell by 0.8 percent to an annual rate of 1.180 million in August from a revised 1.190 million in July. Economists had expected housing starts to jump by 1.7 percent.

Building permits surged 5.7 percent to a rate of 1.30 million units in August, the highest level since January.

The data suggested limited impact on permits from Hurricane Harvey, which lashed Texas in late August and caused unprecedented flooding in Houston. The Commerce Department said the response rate from areas affected by the storm "was not significantly lower."

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