As extreme weather and hurricanes slowed construction in the South, housing starts slipped in September. Starts in September were at a seasonally adjusted annual rate of 1,127,000, down 4.7% from the previous month, according to data released Wednesday morning by the U.S. Census Bureau.
The single-family story was also heading in the wrong direction – down 4.6% to a rate of 829,000. Building
The year-over-year story was positive – total housing starts increased 6.1% compared to September 2016, when the rate was 1,062,000.
Measures of building permits were more negative than positive. Total permits in September came in at a rate of 1,215,000, down 4.5% from August and down 4.3% from September 2016. Single-family authorizations were up 2.4% to a rate of 219,000.
On a regional basis, Census revealed the following data about September starts:
• South: 1-unit down 15.3% compared to August 2017;
• Midwest: total starts down 20.2% compared to August 2017;
• West: 1-unit up 26.1% compared to September 2016;
• Northeast: 1-unit up 17.7% compared to September 2016.
For the full Census report, click here.