Source: National Association of Home Builders, Washington, D.C.
Nationwide housing starts surpassed one million in September, the third time this year, according to U.S. Department of Housing and Urban Development and Census Bureau figures. Total housing production during the month rose 6.3 percent to a seasonally adjusted annual rate of 1.017 million units.
“These numbers show starts returning to levels we saw earlier this summer, where they hovered around one million units,” says NAHB Chairman Kevin Kelly, a Wilmington, Del., home builder and developer. “We are hopeful this pattern of modest growth will continue as we close out the year.”
“September’s uptick reveals that last month’s dip in production was more of an anomaly than a market reversal,” adds NAHB Chief Economist David Crowe. “I expect we will see a continued recovery as job creation grows and consumers gain more confidence in the housing market.”
Single-family housing starts were up 1.1 percent to a seasonally adjusted annual rate of 646,000 units in August, while multifamily production climbed 16.7 percent to 371,000 units. Combined housing starts increased in all regions of the country. The Northeast, Midwest, South and West posted 5.3 percent, 3.5 percent, 4.2 percent and 13.9 percent gains, respectively.
Issuance of building permits registered a 1.5 percent gain to a seasonally adjusted annual rate of 1.018 million units in September. Multifamily permits rose 4.8 percent to 394,000 units while single-family permits decreased 0.5 percent to 624,000 units. Regionally, the Northeast, Midwest and West registered overall permit increases of 12.3 percent, 8.2 percent and 5.9 percent, respectively. The South posted a 4.7 percent loss.