For the third time this year, nationwide housing starts surpassed the million-mark, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Total housing production in September rose 6.3% to a seasonally adjusted annual rate of 1.017 million units.
Nationwide Housing Starts Top 1 Million for Third Time this Year
October 21, 2014
"These numbers show starts returning to levels we saw earlier this summer, where they hovered around one million units," said Kevin Kelly, NAHB chairman and home builder and developer from Wilmington, Del. "We are hopeful this pattern of modest growth will continue as we close out the year."
David Crowe, NAHB's chief economist, added, "September's uptick reveals the August dip in production was more of an anomaly than a market reversal. I expect we will see a continued recovery as job creation grows and consumers gain more confidence in the housing market."
Single-family housing starts were up 1.1% to a seasonally adjusted annual rate of 646,000 units in August, while multifamily production climbed 16.7% to 371,000 units.
Combined housing starts increased in all regions of the country. The Northeast, Midwest, South and West posted respective gains of 5.3%, 3.5%, 4.2% and 13.9%.
Issuance of building permits registered a 1.5% gain to a seasonally adjusted annual rate of 1.018 million units in September. Multifamily permits rose 4.8% to 394,000 units while single-family permits decreased .5% to 624,000 units.
Regionally, the Northeast, Midwest and West registered overall permit increases of 12.3% , 8.2% and 5.9%, respectively. The South posted a 4.7% loss.
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