New Residential Construction Slowed in September

U.S. Census Bureau and federal housing officials say units authorized by building permits fell 7.7% from August but remained unchanged from the same period in 2020.
Nonresi

The rate of new residential construction slowed in September, two federal departments said.

Privately‐owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,589,000, 7.7% below the revised August rate but virtually unchanged from the September 2020 rate, according to a report from U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Single‐family authorizations in September were at a rate of 1,041,000, 0.9% below the revised August figure of 1,050,000.

Authorizations of units in buildings with five units or more were at a rate of 498,000 as the rate of new residential construction slowed in September.

Privately‐owned housing starts in September were at a seasonally adjusted annual rate of 1,555,000, 1.6% below the revised August estimate of 1,580,000 but is 7.4% above the September 2020 rate of 1,448,000.

Single‐family housing starts in September were at a rate of 1,080,000, virtually unchanged from the revised August figure of 1,080,000. The September rate for units in buildings with five units or more was 467,000.

Privately‐owned housing completions in September were at a seasonally adjusted annual rate of 1,240,000, 4.6% below the revised August estimate of 1,300,000 and 13% below the September 2020 rate of 1,426,000.

Single‐family housing completions in September were at a rate of 953,000, relatively unchanged from the revised August rate of 953,000. The September rate for units in buildings with five units or more was 280,000.

The Census Bureau says its October report is scheduled for release on Nov. 17.  Interested parties can view the full schedule here.

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