Housing Starts Show Modest Decline In September

U.S. housing starts dipped slightly in September to a seasonally adjusted rate of 1.555 million, down 1.6% from August, but 7.4% above September 2020, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report.

Single-family starts were at a rate of 1.080 million, about even with August and down 2% from September a year ago, while multi-family (five units or more) came in at 467,000, down 5.1% from August, but up 38% from September last year.

Housing starts began a run of consecutive monthly jumps in August 2020 extending through December, so the current numbers reflect a slight variation of that trend.

Housing building permits were at a seasonally adjusted rate of 1.589 million, 7.7% below August and unchanged from September 2020. Single-family permits were 1.041 million, down 0.9% from August and down 7% from September 2020, while multi-family permits were 498,000, down 21% from August and up 18% over a year ago.

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