New U.S. home construction unexpectedly surged in August, rising to the highest level in two months even as rising interest rates and steep prices for construction materials continue to cool the housing market.
Housing starts climbed 12.2% last month to an annual rate of 1.575 million units, according to new Commerce Department data released on Tuesday. That’s above Refinitiv economists’ forecast for a pace of 1.445 million units.
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