US Housing Starts Fall in September, While Building Permits and Completions Rise

The US Census Bureau reported on Wednesday (10-19-22) that privately‐owned housing starts in September were at a seasonally adjusted annual rate (SAAR) of 1,439,000. This is 8.1% below the revised August estimate of 1,566,000 and is 7.7% below the September 2021 rate of 1,559,000. Single-family housing starts in September were at a rate of 892,000; this is 4.7% below the revised August figure of 936,000. The September rate for units in buildings with five units or more was 530,000.

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 1,564,000. This is 1.4% above the revised August rate of 1,542,000 but is 3.2% below the September 2021 rate of 1,615,000. Single-family authorizations in September were at a rate of 872,000; this is 3.1% below the revised August figure of 900,000. Authorizations of units in buildings with five units or more were at a rate of 644,000 in September.

Privately‐owned housing completions in September were at a seasonally adjusted annual rate of 1,427,000. This is 6.1% above the revised August estimate of 1,345,000 and is 15.7% above the September 2021 rate of 1,233,000. Single‐family housing completions in September were at a rate of 1,049,000; this is 3.2% above the revised August rate of 1,016,000. The September rate for units in buildings with five units or more was 376,000.