After last months big rebound in permits (and drop in starts) both were expected revert in August. But, instead, they both exploded higher:

Housing Starts +12.3% MoM (+5.0% exp)

Building Permits +7.7% MoM (-1.3% exp).

Source: Bloomberg

On a YoY basis, the surge is even more dramatic. The largest annual rise in permits since March 2017 and biggest annual jump in starts since Sept 2018.

Source: Bloomberg

This is the highest level of starts since June 2007

Source: Bloomberg

Multifamily dominated the outsized gains: