Single-family housing starts jumped to a seasonally adjusted annual rate of 783,000 in September, according to new residential construction data released by the Commerce Department Wednesday morning. This month’s result marks a significant increase from August’s upwardly-revised rate of 724,000, which returned to the growth track seen previously. September’s number also represents a 5.4% gain compared to September 2015, when the estimate was 743,000.
Single-family starts gained momentum in the Northeast and South month-over-month, climbing 20.0% and 12.1%, respectively, a significant force driving up this month’s total one-unit starts. The Midwest saw steady 6.3% growth in single-family starts in this month, while the West saw its single-family starts decline by -2.2%. On a year-over-year basis, all regions reported gains in the single-family category.
Total housing permits, the leading indicator for future starts, rose 6.3% overall in this month, due to strong gains in the multifamily sector, especially those with five units or more. Single-family permits went slightly higher in September, a solid outlook for the months ahead. Lukewarm permit issuing was spread across regions, with the Midwest reporting the largest month-over-month single-family permits growth, at 0.9%.
Total privately-owned housing completions dipped -8.4% month-over-month to a seasonally adjusted annual rate of 951,000. Completions of both single-family and multi-family housing sharply declined in this month, by -8.8% and 10.1%, respectively.
Read the full release from the Commerce Department here>>
