US Housing Starts and Permits Decline in September; Completions Rise

On Tuesday, the US Census Bureau reported that privately owned housing starts were at a seasonally adjusted annual rate (SAAR) of 1,221,000 in September, a 5.2% decline from August’s revised 1,288,000 and 7.4% below the September 2025 level of 1,319,000. Single-family starts were 859,000, a 4.6% decline from August. The rate for units in buildings with five units or more was 349,000.

Building permits, a forward-looking measure, were at a SAAR of 1,400,000 in September, a 0.2% decline from August’s revised 1,403,000 and 3.0% below the September 2025 level of 1,444,000. Single-family authorizations were 845,000, a 4.0% decline from August. Authorizations of units in buildings with five units or more were at a rate of 503,000.

Housing completions were at a SAAR of 1,192,000 in September, 2.2% above August’s revised 1,166,000 but 14.0% below the September 2025 level of 1,386,000. Single-family completions were 840,000, a 2.4% decrease. The rate for units in buildings with five units or more was 339,000.