Housing Starts Fell Sharply in September

Housing starts fell to a seasonally adjusted annual rate of 1.047 million in September, 9.0% below the revised august estimate of 1.150 million and 11.9% below the September 2015 rate.

Housing activity fell in most regions, falling 36.0% in the Northeast, 14.1% in the Midwest and 5.3% in the South. Activity in the Midwest was virtually unchanged during the month.

In contrast, new building permits rose 6.3% to 1.152 million. Permits are now 8.5% above the September 2015 rate.

Housing completions were at a seasonally adjusted annual rate of 951,000, down 8.4% from the revised August estimate and 5.8% below the September 2015 rate.

Read the Census release.

About Tim Nicholson

Tim Nicholson
Tim Nicholson is an economic research associate at ABA.
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