Single-family home construction remained strong in September, according to preliminary data released by the Census Bureau Tuesday—and there are indications building will continue into the fall.
Single-family housing starts rose to a seasonally adjusted annual rate of 1,108,000, an increase of 8.5% month over month and 22.3% year over year, while multifamily starts fell. Total starts rose to a rate of 1,415,000, up 11.1% year over year and about 2% above August’s revised figure of 1,388,000. The pace of single-family starts in September was the highest since the summer of 2007, National Association of Homebuilders chief economist
wrote in a blog post.
While single-family starts continued to rise, total starts for September came in below FactSet’s consensus estimate of 1,460,000. EISI homebuilding analyst Stephen Kim reminded