Housing Starts Down 5.3 percent in September

Housing starts decreased to a seasonally adjusted annual rate of 1.201 million in September, according to the U.S. Department of Commerce. The figure was 5.3 percent below the August rate of 1.268 million and 3.7 percent higher than the September 2017 rate. Single-family home starts fell 0.9 percent from last month. Multifamily decreased 12.9 percent since August and are up 4.5 percent since September 2017.

Housing activity increased in two of the four regions as the Northeast and West increased 29.0 percent and 6.6 percent, respectively. Housing starts in the Midwest and South declined 14.0 percent and 13.7 percent, respectively.

New building permits fell during the month, decreasing 0.6 percent to 1.241 million. Single-family building permits increased, rising 2.9 percent, while multifamily building permits decreased 9.3 percent from August. New building permits were down 1.0 percent from the September 2017 rate.

Housing completions were at a seasonally adjusted annual rate of 1.162 million, 4.1 percent below the August estimate and 7.0 percent above the September 2017 rate.

Read the Census release.

About Jack McCabe

Jack McCabe is a research associate in the Economic Policy and Research group at the ABA.
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