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September Housing Starts +270K Units Vs +240K Consensus

  • Seasonally adjusted starts +8% to 270.5K units after -1% in August.
  • 6M moving average +3.9% to 254K units from +0.8% in August.
  • Increase led by +10% multi-unit starts.
  • "It seems the current higher interest rate environment has not yet had the expected negative impact on multi-unit construction activity so far in 2023," CMHC chief economist Bob Dugan says in report.
  • Homebuilding remains well short of pace agency says is needed to restore affordability over next decade.

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