Residential Building Permits Up 8.1% in September

Residential Building Permits Up 8.1% in September

Housing starts also up compared to year-ago period and the previous month, according to the latest residential construction report from the U.S. Census Bureau.
Amid higher construction costs and rising interest rates, single-family housing starts have fallen to a two-year low, according to the National Association of Home Builders.

Privately owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,553,000. This is 5.2% above the revised August rate of 1,476,000 and is 8.1% above the September 2019 rate of 1,437,000.

Single-family authorizations in September were at a rate of 1,119,000; this is 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.

Privately owned housing starts in September were at a seasonally adjusted annual rate of 1,415,000. This is 1.9% above the revised August estimate of 1,388,000 and is 11.1% above the September 2019 rate of 1,274,000. Single-family housing starts in September were at a rate of 1,108,000; this is 8.5% above the revised August figure of 1,021,000. The September rate for units in buildings with five units or more was 295,000.

Privately-owned housing completions in September were at a seasonally adjusted annual rate of 1,413,000. This is 15.3% above the revised August estimate of 1,226,000 and is 25.8% above the September 2019 rate of 1,123,000. Single-family housing completions in September were at a rate of 921,000; this is 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.

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