Single‐family housing starts in September were at the same rate as the revised August figure, according to data released jointly by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Overall housing starts in September were at a seasonally adjusted annual rate of 1.55 million— 1.6% below the revised August estimate of 1.58 million, the data shows.
However, it is 7.4% above the September 2020 rate of 1.44 million.
According to the data, single-family housing starts dropped in the Northeast (-27.3%) and South (-6.6%) but were up 6.9% in the Midwest and 19.3% in the West.
“Single-family construction continued along recent, more sustainable trends in September,” National Association of Home Builders Chairman Chuck Fowke said. “Lumber prices have moved off recent lows, but the cost and availability of many building materials continue to be a challenge for a market that still lacks inventory. Policymakers should continue to work to improve supply-chains.”
“Builder confidence increased in October, which confirms stabilization of home construction at current levels,” NAHB Chief Economist Robert Dietz added. “The number of single-family units in the construction pipeline is 712,000, almost 31% higher than a year ago as more inventory is headed to market. Multifamily construction has expanded as well, with almost a 6% year over year gain for apartments currently under construction.”