US Housing Starts and Completions Increase While Permits Decline in September

The US Census Bureau on Wednesday (10-18-23) reported that privately‐owned housing starts in September were at a seasonally adjusted annual rate (SAAR) of 1,358,000. This is 7.0% above the revised August estimate of 1,269,000 but 7.2% below the September 2022 rate of 1,463,000. Single-family housing starts were at a rate of 998,000; this is 5.3% above the revised August figure of 948,000. The rate for units in buildings with five units or more was 445,000.

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 1,473,000. This is 4.4% below the revised August rate of 1,541,000 and 7.2% below the September 2022 rate of 1,588,000. Single-family authorizations were at a rate of 965,000; this is 1.8% above the revised August figure of 948,000. Authorizations of units in buildings with five units or more were at a rate of 459,000.

Privately‐owned housing completions in September were at a seasonally adjusted annual rate of 1,453,000. This is 6.6% above the revised August estimate of 1,363,000 and 1.0% above the September 2022 rate of 1,438,000. Single‐family housing completions were at a rate of 998,000; this is 5.3% above the revised August rate of 948,000. The rate for units in buildings with five units or more was 445,000.