Housing starts dropped 5.3% in September from August to a seasonally adjusted annual rate of 1,201,000 but remained 3.7% above the September 2017 rate of 1,158,000, the Commerce Department reported Wednesday.
The decline appears driven primarily by a slowdown in multifamily starts. Single‐family housing starts in September were at a rate of 871,000, 0.9% below the revised August figure of 879,000 and 4.8% above a year earlier. Starts in buildings with five units or more was 324,000, down 12.9% from August.
New building permits issued in September were at a seasonally adjusted annual rate of 1,241,000, 0.6% below the revised August rate of 1,249,000 and is 1.0% below the September 2017 rate of 1,254,000. Single‐family authorizations in September were at a rate of 851,000, 2.9% above the revised August figure of 827,000.
Housing completions in September were at a seasonally adjusted annual rate of 1,162,000, 4.1 percent below the revised August estimate of 1,212,000 but 7.0% above the September 2017 rate of 1,086,000. Single‐family housing completions in September were at a rate of 844,000, 8.7% below the revised August rate of 924,000.
