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- U.S. housing starts fall more than expected in September
U.S. housing starts fall more than expected in September
The Commerce
Department reported on Thursday the building permits issued for privately owned
housing units dropped by 2.7percent m-o-m in September to a seasonally adjusted
annual pace of 1.387 million, while housing starts fell by 9.4 percent m-o-m to
an annual rate of 1.256 million.
Economists had
forecast housing starts dropping to a pace of 1.320 million units last month
and building permits falling to a pace of 1.350 million units.
Data for August
was revised to show homebuilding growing to a pace of 1.386 million units,
instead of decreasing at a rate of 1.364 million units as previously reported.
According to
the report, permits for single-family homes, the largest segment of the market,
increased 0.8 percent m-o-m at 882,000 in September (the highest level since
February 2018), while approvals for the multi-family homes segment declined 8.2
percent m-o-m to a 505,000 unit-rate.
In the
meantime, groundbreaking on single-family homes rose 0.3 percent m-o-m to a
rate of 918,000 units in September (the highest level since January), while
housing starts for the multi-family tumbled 28.2 percent m-o-m to a 338,000 -unit
pace.
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