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Privately owned housing starts in September were at a seasonally adjusted annual rate of 1,415,000, which is 1.9% above the revised August estimate of 1,388,000 and 11.1% above the September 2019 rate of 1,274,000, according to the monthly new residential construction data from the Census Bureau and the U.S. Department of Housing and Urban Development.
Single-family housing starts in September were at a rate of 1,108,000, an 8.5% increase from the revised August figure of 1,021,000. Plus, the September rate for units in buildings with five units or more was 295,000.
“The pace of single-family starts in September was the highest production rate since the summer of 2007,” says Robert Dietz, chief economist at the NAHB, in his Eye On Housing blog post. “The September reading of starts was consistent with surging builder confidence, as single-family construction rises to meet strong buyer traffic, supported by low interest rates, changing geography of demand, and a growing number of sales that have not started construction.”
Housing completions in September were at a seasonally adjusted annual rate of 1,413,000, which is 15.3% above the revised August estimate of 1,226,000 and 25.8% above the September 2019 rate of 1,123,000. Single-family housing completions last month were at a rate of 921,000, or 2.1% above the revised August rate of 902,000. The September rate for units in buildings with five units or more was 480,000.
Lastly, housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,553,000, a 5.2% increase from the revised August rate of 1,476,000 and an 8.1% increase from the September 2019 rate of 1,437,000. Single-family authorizations were at a rate of 1,119,000, or 7.8% above the revised August figure of 1,038,000. Authorizations of units in buildings with five units or more were at a rate of 390,000 in September.
