(Click on image to enlarge)

Building Permits

• Privately-owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,428,000.
• This is 2.9 percent below the revised August rate of 1,470,000 and is 5.7 percent below the September 2023 rate of 1,515,000.
• Single-family authorizations in September were at a rate of 970,000; this is 0.3 percent above the revised August figure of 967,000. Authorizations of units in buildings with five units or more were at a rate of 398,000 in September.

Housing Starts

• Privately-owned housing starts in September were at a seasonally adjusted annual rate of 1,354,000.
• This is 0.5 percent (±13.0 percent) below the revised August estimate of 1,361,000 and is 0.7 percent (±16.1 percent) below the September 2023 rate of 1,363,000.
• Single-family housing starts in September were at a rate of 1,027,000; this is 2.7 percent (±13.4 percent) above the revised August figure of 1,000,000. The September rate for units in buildings with five units or more was 317,000.

Housing Completions

• Privately-owned housing completions in September were at a seasonally adjusted annual rate of 1,680,000.
• This is 5.7 percent (±19.9 percent) below the revised August estimate of 1,781,000, but is 14.6 percent (±11.9 percent) above the September 2023 rate of 1,466,000.
• Single-family housing completions in September were at a rate of 1,000,000; this is 2.7 percent (±7.8 percent) below the revised August rate of 1,028,000. The September rate for units in buildings with five units or more was 671,000.

Details from the Census Bureau New Residential Construction report.

Housing Starts Single Family vs Multi-Family

(Click on image to enlarge)

The trend on starts is negative led by multi-family.

Since May 2023, single-family starts have been steady on average, but in a very choppy fashion. The average over this period has been 1,006. Vs May 2023, single-family starts are up 2.8 percent.

Total starts dropped from 1,583 to 1,354. That’s a decline of 14.5 percent.

Multi-family starts from 584 to 327. That’s a plunge of 44.0 percent. Wow.

Housing Starts 1959-Present

(Click on image to enlarge)

To put the housing report numbers into proper perspective, starts are 18.3 percent below January of 1959.

Recent Economic Reports

• Retail Sales: Consumers Spend More on Food, Less on Gasoline and Cars
• Import and Export Prices: For the 2nd Month, Export Prices Decline Much More than Import Prices
• Industrial Production: Industrial Production Unexpectedly Declines 0.3 Percent With Huge Negative Revisions

More By This Author:

Industrial Production Unexpectedly Declines 0.3 Percent With Huge Negative Revisions
Retail Sales: Consumers Spend More On Food, Less On Gasoline And Cars
For The 2nd Month, Export Prices Decline Much More Than Import Prices