WASHINGTON (AP) — U.S. home construction rebounded in August at the fastest pace in seven months, a hopeful sign for a housing industry that has been struggling with rising lumber costs.
The Commerce Department said Wednesday that housing starts increased 9.2 percent in August to a seasonally adjusted annual rate of 1.28 million units. Housing starts had declined 0.3 percent in July and 11.4 percent in June. The increase was the biggest since a 10.2 percent advance in January.
Builders have struggled this year to deal with rising costs for lumber, land and labor. The National Association of Home Builders estimates that lumber prices have shot up by about $7,000 per home since the start of 2017, largely due to tariffs the Trump administration has imposed on imports of Canadian softwood lumber.
