by Calculated Risk on 10/17/2019 08:44:00 AM
Thursday, October 17, 2019
From the Census Bureau: Permits, Starts and Completions
Housing Starts:Click on graph for larger image.
Privately‐owned housing starts in September were at a seasonally adjusted annual rate of 1,256,000. This is 9.4 percent below the revised August estimate of 1,386,000, but is 1.6 percent above the September 2018 rate of 1,236,000. Single‐family housing starts in September were at a rate of 918,000; this is 0.3 percent above the revised August figure of 915,000. The September rate for units in buildings with five units or more was 327,000.
Privately‐owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,387,000. This is 2.7 percent below the revised August rate of 1,425,000, but is 7.7 percent above the September 2018 rate of 1,288,000. Single‐family authorizations in September were at a rate of 882,000; this is 0.8 percent above the revised August figure of 875,000. Authorizations of units in buildings with five units or more were at a rate of 470,000 in September.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) were down in September compared to August. Multi-family starts were down 5.1% year-over-year in September.
Multi-family is volatile month-to-month, and has been mostly moving sideways the last several years.
Single-family starts (blue) increased in September, and were up 4.3% year-over-year.
The second graph shows total and single unit starts since 1968.
The second graph shows the huge collapse following the housing bubble, and then eventual recovery (but still historically low).
Total housing starts in September were below expectations - mostly due to a decline in the volatile multi-family sector - however starts for July and August were revised up combined.
I'll have more later …
Posted by Calculated Risk on 10/17/2019 08:44:00 AM