The average annualized growth for the 12 months through August 2016 was 7.8 percent. The annual growth rate has been at 7 percent or more for three consecutive months after remaining within a narrow 6 percent to 7 percent range for most of the prior two years.
“An unusually strong report is usually the result of some special factors,” said Brian Loftus, HARDI Market Research & Benchmarking analyst. “Besides being much warmer than the prior year in much of the country during August, all of the country experienced two extra billing days versus August 2015.”