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Residential Construction Report
Washington, D.C. – Residential Construction Housing starts in the United States surprisingly decreased by 1.6 percent mum in September 2021, to a seasonally adjusted annual rate of 1.555 million, contrary to market expectations of 1.62 million. It is the lowest reading in five months, as the housing sector has been bogged down by high building material costs, supply bottlenecks, and labor shortages.
Single-family home starts were almost steady at 1.080 million in September, while multi-family housing starts fell 5.1 percent to 467,000. Sales fell in the Northeast (-27.3 percent to 120,000) and South (-6.3 percent to 835,000), but increased in the Midwest (6.9 percent to 217,000) and West (-6.3 percent to 835,000). (19.3 percent to 383,000)
Permits for Construction
In September, the number of privately owned dwelling units approved through building permits was 1,589,000. This was a seasonally adjusted annual rate of 1,589,000. This is 7.7% (0.9%) lower than the revised August rate of 1,721,000, but nearly constant from the (1.1%)* September 2020 rate of 1,589,000. In September, single family authorizations were 1,041,000, down 0.9 percent (0.8 percent) from the revised August figure of 1,050,000. In September, authorizations for units in structures with five or more units totaled 498,000.
Housing Construction Starts
Privately owned home starts reached a seasonally adjusted annual rate of 1,555,000 in September. This is 1.6 percent (11.4%)* lower than the revised August estimate of 1,580,000, but 7.4 percent (13.0%)* higher than the September 2020 rate of 1,448,000. In September, single-family home starts totaled 1,080,000, practically unchanged from (88.4 percent)* the revised August figure of 1,080,000. September’s rate for apartments in buildings with five or more units was 467,000.
Completion of Housing
In September, privately owned housing completions reached a seasonally adjusted annual rate of 1,240,000. This is 4.6 percent (9.0 percent)* lower than August’s revised forecast of 1,300,000 and 13.0 percent (9.1 percent) lower than the September 2020 pace of 1,426,000. In September, single-family dwelling completions totaled 953,000, essentially unchanged from (11.7%)* the revised August rate of 953,000. September’s rate was 280,000 for apartments in buildings with five or more units.