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--5 Things We Learned From September New Residential Construction Data
By Kevin Kastner
WASHINGTON (MNI) - The following are the key points from the
September new residential construction data released Wednesday by the
- September housing starts fell by 5.3% to a 1.201 million annual
rate, well below the 1.220 million pace expected following mixed
revisions to the July and August data. After those revisions, third
quarter starts averaged 1.218 million, down from 1.261 million in the
- Effects from Hurricane Florence could be seen in a 13.7% decline
in starts in the South, and further effects are likely from Hurricane
Michael with the October data, but there should be a boost later in the
year as rebuilding efforts begin. Starts were down 14.0% in the
Midwest, but rebounded by 29.0% in the Northeast and rose 6.6% in West.
- Building permits posted a 0.6% decrease to a 1.241 million rate,
below the 1.260 million rate expected and the slowest pace since May
2017. Permits in the South were actually up 0.6%, but the translation to
starts will be slower than normal due to the hurricanes. Homes permitted
but not started fell by 0.6%, but were up 3.5% in the South. The NAHB
index was rose slightly to 68 in October when it was released on
- Single-family housing starts fell by 0.9% in September, while
multi-family starts plunged by 15.2%. Single-family building permits
rose by 2.9%, but multi-family permits fell by 7.6%.
- Homes under construction were up 0.3% in September, but
completions fell by 4.1% to a 1.162 million pace, slowest since
November. These categories should decline further in the coming months,
with the effects of Hurricanes Florence and Michael weighing on home
building in the short term.
** MNI Washington Bureau: 202-371-2121 **