On Wednesday, U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD) jointly released the new residential construction statistics for September 2017—reporting a decline in U.S. new home construction.
The data reveals privately owned housing units authorized by building permits were at a seasonally adjusted annual rate of 1,215,000. At 4.5 percent, this represents a 1.6 percent decrease from the previous month’s rate of 1,272,000 and is 4.3 percent below the September’s 2016 rate of 1,270,000. However, single-family home starts at 819,000 in September, representing 1.7 percent above the revised August figure of 800,000.
As for housing starts for September, single-family home starts fell to 829,000 in September, from 869,000 the prior month, Meanwhile, privately owned housing starts were at a seasonally adjusted annual rate of 1,127,000—this is 4.7 percent below the August estimate, but is 6.1 percent above the September 2016 rate.
Additionally, the report notes that privately owned housing completions for this month increased compared to both August and September 2016, with a seasonally adjusted annual rate of 1,109,000. Single-family housing completions were at a rate of 781,000, also representing an increase. Specifically, single-family housing completions increased 4.6 percent compared to August’s rate.
The October 2017 report is scheduled for release on November 17, 2017.