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- U.S. housing starts and building permits increase in September
U.S. housing starts and building permits increase in September
The Commerce
Department reported on Tuesday the housing starts rose by 1.9 percent m-o-m in September
to a seasonally adjusted annual pace of 1.415 million, while building permits surged
by 5.2 percent m-o-m to an annual rate of 1.553 million.
Economists had
forecast housing starts increasing to a pace of 1.457 million units last month
and building permits rising to a pace of 1.520 million units.
Data for August
was revised to show homebuilding dropping to a pace of 1.388 million units,
instead of decreasing at a rate of 1.416 million units as previously reported, and
permits declining to a pace of 1.476 million units, instead of falling at a
rate of 1.470 million units as previously reported.
According to
the report, permits for single-family homes, the largest segment of the market,
jumped 7.8 percent m-o-m in September, while approvals for the multi-family homes segment declined
0.9 percent m-o-m.
In the
meantime, groundbreaking on single-family homes climbed 8.5 percent m-o-m in September, while housing
starts for the multi-family plunged 14.7 percent m-o-m.
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