Economy

US Housing Starts Slump Much More Than Expected In September

US Housing Starts Slump Much More Than Expected In September”

This is 4.5% (±1.6%) below the revised August rate of 1,272,000 and is 4.3% (±1.7%) below the September 2016 rate of 1,270,000. Starts were still running 6.1 percent above the annualized pace a year earlier, Census data suggests. Single-family housing starts in September were at a rate of 829,000; this is 4.6% (±8.5%)* below the revised August figure of 869,000.

The Commerce Department said housing starts plunged by 4.7 percent to an annual rate of 1.127 million in September from the revised August estimate of 1.183 million.

Permits for new single-family homes rose month over month in September from a revised annual rate of 800,000 in August to a seasonally adjusted annual rate of 819,000.

Multifamily starts for buildings with five or more units increased by 7.9% year over year in September and dropped by 6.2% compared with August.

Economists were expecting starts to fall in the wake of the devastating storms Harvey in southeast Texas and Irma in Florida and several Gulf states.

The Northeast and Midwest also saw declines in housing starts, although the weakness in both regions was in multi-family starts. All other regions posted gains in the single-family sector, and nationwide single-family permits increased 2.4 percent. However, single-family authorizations in September were 2.4% above August's figure. Permits fell 5.6 percent in the South and 9.2 percent in the West. The consensus estimate called for 1.238 million new building permits. Permitting in the West was down 9 percent over the month and was also down almost a percentage point over the last year's pace.

New residential homes are shown under construction in Carlsbad, California September 19, 2011. Housing starts has been expected to edge down by 0.5%.



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