Updated: 18-Oct-17 09:12 ET
|Updated: 18-Oct-17 09:12 ET
- Housing starts declined 4.7% month-over-month to a seasonally adjusted annual rate of 1.127 million (Briefing.com consensus 1.160 million).
- Building permits, which are a leading indicator, decreased 4.5% to a seasonally adjusted annual rate of 1.215 million (Briefing.com consensus 1.225 million).
- The starts data was accented by a 4.6% decline in single-family starts and a 5.1% decline in multi-unit starts. Single-family starts, however, were up in all regions, with the exception of the South (-15.3%).
- The month-over-month decrease in building permits was driven entirely by multi-family units. Single-family permits were flat while multi-family permits declined 16.1% after increasing 12.9% in August.
- The number of units under construction at the end of the period increased 0.3% to 1.082 million. That brings the third quarter average to 1.076 million, which is slightly above the second quarter average of 1.070 million.
- The key takeaway from the report is that the weakness in starts and permits was concentrated in the South region, which suffered the biggest hit from the hurricanes, so one could reasonably assume that the October report will show better results.
| 1 Unit
| Multi Units