Multifamily led a surge in new construction last month, while single-family activity drove up completed construction. But activity is likely to slow based on new permits.

Permit-issuing places authorized the construction of 114,800 new privately owned housing units during August. That brought year-to-date permits to 900,100.

The new construction data was based on a report jointly issued on Wednesday by the Census Bureau and the Department of Housing and Urban Development.

Source: Mortgage Daily