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U.S. Housing Starts Dip In September, Both Single-Family & Multi-Family Soften

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U.S. housing starts dropped 8.1% in September from August to a seasonally adjusted annual rate of 1.439 million, including a drop in single-family starts of 4.7% to 892,000 and a decline in multi-family starts of 13.1% to 530,000, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report.

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The September decline followed an August gain, which had followed three consecutive monthly declines. September was also down 7.7% from September 2021.

Building permits, however, were at a rate of 1.564 million in September, 1.4% above August, with multi-family up 8.2% and single-family down 3.1%.

Housing completions came in at 1.427 million, 6.1% above August, with single-family completions at 1.049 million, 3.2% above August.

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