US housing starts fall 0.8 pct., a 2nd straight monthly drop

WASHINGTON (AP) - Homebuilders slowed their pace of construction by 0.8 percent in August, the second straight monthly decline.

The Commerce Department says housing starts fell last month to a seasonally adjusted annual rate of 1.18 million. A 5.8 percent drop in groundbreakings for multi-family buildings, such as apartments, accounted for the decrease. Starts for single-family houses rose 1.6 percent.

Damage from Hurricanes Harvey and Irma didn't appear to have hurt August housing starts. But the floods, rain and wind struck an area that represents 13 percent of U.S. home construction, so building activity could fall in the coming months.

Home construction has risen just 2.7 percent year-to-date, not enough to offset a decline in sales listings.

Building permits, an indicator of future construction, rose 5.7 percent to 1.30 million.