Aug housing starts +9.2% to 1.282m SAAR,....>

US DATA: Aug housing starts +9.2% to 1.282m SAAR, above the 1.240m 

rate expected following upward revisions to the previous two months. The 

July pace was rev up to 1.174m from the originally reported 1.168m pace, 

while June was rev up to 1.177m from the previous 1.158m. 

- Building permits -5.7% to 1.229m SAAR vs 1.320m expected, with 

1-family permits -6.1% and multi-family -4.9%. Homes permitted but not 

started -2.4%, suggesting starts could fall next month.

- Starts were +19.1% in the West, flat in the Northeast, +9.1% in the 

Midwest, and +6.5% in the South. 1-family starts +1.9%, but multi- 

family starts +29.3%. 

- Q3 starts and permits were well below their Q2 averages through the 

first two months of the quarter.

- Homes under construction +0.8%, while completions +2.5%, so a boost 

in new home supply for sale is likely when that data is released on 

Sept 26.