New Residential Construction: Housing Starts, Building Permits Strong in September

The U.S. Census Bureau New Residential Construction report showed housing starts and building permits fundamentally strong in September. Hurricane impacts can be seen in the South, but given that affected areas represent more than 25% of the total report the underlaying strength is very noteworthy.

Privately-owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,215,000. This is 4.5% (±1.6%) below the revised August rate of 1,272,000 and is 4.3% (±1.7%) below the September 2016 rate of 1,270,000. Single-family authorizations in September were at a rate of 819,000; this is 2.4% (±1.7%) above the revised August figure of 800,000. Authorizations of units in buildings with five units or more were at a rate of 360,000 in September.

Privately-owned housing starts in September were at a seasonally adjusted annual rate of 1,127,000. This is 4.7% (±8.1%)* below the revised August estimate of 1,183,000, but is 6.1% (±8.8%)* above the September 2016 rate of 1,062,000. Single-family housing starts in September were at a rate of 829,000; this is 4.6% (±8.5%)* below the revised August figure of 869,000. The September rate for units in buildings with five units or more was 286,000.

Privately-owned housing completions in September were at a seasonally adjusted annual rate of 1,109,000. This is 1.1% (±12.4%)* above the revised August estimate of 1,097,000 and is 10.3% (±11.9%)* above the September 2016 rate of 1,005,000. Single-family housing completions in September were at a rate of 781,000; this is 4.6% (±11.4%)* above the revised August rate of 747,000. The September rate for units in buildings with five units or more was 322,000.