Housing Starts Dipped in August

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Housing starts continued to disappoint in September, decreasing 1.6% compared with August to an annual pace of 1.555 million, according to estimates from the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

Year-over-year, housing starts were up 7.4%.

Starts of single-family, detached homes were at an annual rate of 1.08 million, flat compared with August.

Starts of multifamily dwellings (five units or more per building) were at an annual rate of 467,000, a decrease of 5.1% compared with August.

Building permits also fell in September; they were down 7.7% compared with August and flat compared with September 2020, reaching a seasonally adjusted annual rate of 1.589 million.

Permits for single‐family homes were at a rate of 1.041 million, a decrease of 0.9% compared with August.

Permits for multifamily homes were at a rate of 498,000 in September, down a whopping 21% compared with the previous month.

Housing completions were at a seasonally adjusted annual rate of 1.240 million, down 4.6% compared with the previous month and down 13% compared with September 2020.

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