The U.S. Census Bureau released its Monthly New Residential Construction report for September 2024 on Oct. 18, indicating a decline in housing units and starts, but a slight increase in authorizations.

Building Permits

Privately-owned housing units authorized by building permits in September were at a seasonally-adjusted rate of 1.42 million, down 5.7% year-over-year from the September 2023 rate of 1.5 million and 2.9% below the revised rate of August (1.47 million). Single-family authorizations were at a rate of 970,000, up 0.3% from the revised August figure of 398,000.

Housing Starts

Privately-owned housing starts in September were at a seasonally-adjusted rate of 1.35 million, down 0.7% year-over-year, and down 0.5% from the revised August estimate of 1.36 million. Single-family housing starts were at a rate of 1.02 million, 2.7% above the revised August figure of 1.0 million.

Housing Completions

In July, privately-owned housing completions were at a seasonally-adjusted annual rate of 1.68 million, 14.6% above the September 2023 rate of 1.46 million, but 5.7% below the revised August estimate of 1.78 million. While single-family housing completions were at a rate of 1.0 million, 2.7% below the revised August rate of 1.02 million.