A lukewarm end of the summer for new home construction was offset by a much better September, according to new data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
For the third month this year, housing starts rose above the million-mark nationwide for a seasonally adjusted annual rate of 1.017 million units — a 6.3 percent increase from the month before.
“These numbers show starts returning to levels we saw earlier this summer, where they hovered around one million units,” NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del., said in a press release. “We are hopeful this pattern of modest growth will continue as we close out the year.”
Single-family housing accounted for 646,000 units in September while multifamily production increased by 16.7 percent to 371,000 units. Regionally, the Northeast, Midwest and West registered overall permit increases of 12.3 percent, 8.2 percent and 5.9 percent, respectively. The South posted a 4.7 percent loss.