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

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.

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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