by Calculated Risk on 10/19/2011 08:30:00 AM
Wednesday, October 19, 2011
Housing Starts increased in September
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
Privately-owned housing starts in September were at a seasonally adjusted annual rate of 658,000. This is 15.0 percent (±13.7%) above the revised August estimate of 572,000 and is 10.2 percent (±13.3%)* above the September 2010 rate of 597,000.
Single-family housing starts in September were at a rate of 425,000; this is 1.7 percent (±9.4%)* above the revised August figure of 418,000. The September rate for units in buildings with five units or more was 227,000.
Building Permits:
Privately-owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 594,000. This is 5.0 percent (±1.3%) below the revised August rate of 625,000, but is 5.7 percent (±2.6%) above the September 2010 estimate of 562,000.
Single-family authorizations in September were at a rate of 417,000; this is 0.2 percent (±1.0%)* below the revised August figure of 418,000. Authorizations of units in buildings with five units or more were at a rate of 158,000 in September.

Total housing starts were at 658 thousand (SAAR) in September, up 15.0% from the revised August rate of 572 thousand. Most of the increase was for multi-family starts.
Single-family starts increased 1.7% to 425 thousand in September.
The second graph shows total and single unit starts since 1968.

Multi-family starts are increasing in 2011 - although from a very low level. This was well above expectations of 590 thousand starts in September.
Single family starts are still "moving sideways".