by Risk calculated on 19/10/2022 08:36:00
From the Census Bureau: Permits, Starts and Completions
Private housing starts in September were at a seasonally adjusted annual rate of 1,439,000. That’s 8.1% below August’s revised estimate of 1,566,000 and 7.7% below the September 2021 rate of 1,559,000. Single-family housing starts in September were up at 892,000; this is 4.7% below the revised August figure of 936,000. The September rate for units in buildings with five or more units was 530,000
Private housing units cleared by building permits in September were at a seasonally adjusted annual rate of 1,564,000. That’s 1.4% above August’s revised rate of 1,542,000, but 3.2% below September 2021 rate of 1,615,000. Single-family clearances in September were 872,000; this is 3.1% below the revised August figure of 900,000. Housing clearances in buildings with five or more units stood at 644,000 in September.
Click on the graphic to enlarge the image.
The first chart shows single-family and multi-family housing starts over the past few years.
Multi-family housing starts (blue units, 2+) fell in September compared to August. Multi-family housing starts rose 18.5% year over year in September.
Single-family housing starts (red) fell in September and were down 14.6% year-over-year.
The second chart shows single-family and multi-family housing starts since 1968.
This shows the huge collapse that followed the housing bubble and then the eventual recovery.
The total number of housing starts in September was lower than expected, and housing starts in July and August were revised lower, combined.
I’ll have more later…