U.S. Housing Starts, Permits, and Completions All Move Lower in September

On Tuesday, the U.S. Census Bureau reported that privately‐owned housing starts in September were at a seasonally adjusted annual rate (SAAR) of 1,555,000. This is -1.6% below the revised August rate 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. The September rate for units in buildings with five units or more was 467,000.

Building Permits are the forward-looking portion of the report, and in September privately-owned housing units authorized by building permits were at a SAAR of 1,589,000. This is -7.7% below the revised August rate of 1,721,000 but is virtually unchanged from the September 2020 rate. Single-family authorizations in September were at a rate of 1,041,000. This is -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.

Privately‐owned housing completions in September were at a seasonally adjusted annual rate of 1,240,000. This is -4.6% below the revised August estimate of 1,300,000 and is -13.0% below the September 2020 rate of 1,426,000. Single‐family housing completions in September were at a rate of 953,000. This is virtually unchanged from the revised August rate of 953,000. The September rate for units in buildings with five units or more was 280,000.