Housing starts increased to a seasonally adjusted annual rate of 1.358 million in September, according to the U.S. Department of Commerce, 7.0% above the revised August estimate of 1.269 million. Both single-family and multifamily housing increased 3.2% and 17.1%, relative to the August figure.
New building permits decreased 4.4% during the month to a seasonally adjusted annual rate of 1.473 million and is 7.2% below the September 2022 level of 1.588 million. While single-family permits increased 1.8% in September, a 14.0% monthly decrease in multifamily permits largely contributed to the overall decline.
Housing completions in September were at a seasonally adjusted annual rate of 1.453 million, 6.6% above the revised August estimate and 1.0% above the September 2022 rate.
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