Briefing.com: Housing Starts

Updated: 20-Oct-26 09:18 ET

September Housing Starts

Updated: 20-Oct-26 09:18 ET

Highlights

Total housing starts were down 5.2% month-over-month in September to a seasonally adjusted annual rate of 1.221 million (Briefing.com consensus: 1.305 million) following an upwardly revised 1.288 million (from 1.275 million) in August.
Building permits were down 0.2% month-over-month to a seasonally adjusted annual rate of 1.400 million (Briefing.com consensus: 1.390 million).

Key Factors

The change in single-unit starts by region: Northeast (+4.3%); Midwest (-13.7%); South (-3.3%); and West (-3.7%).
The change in single-unit permits by region: Northeast (-5.8%); Midwest (-6.9%); South (-4.4%); and West (0.0%).
Multi-unit starts declined 6.7% month-over-month, while multi-unit permits increased 6.1%.
The number of units under construction at the end of the period was flat month-over-month at a seasonally adjusted annual rate of 1.280 million, with single-unit dwellings also flat at 587,000.

Big Picture

The key takeaway from the report is that there was no growth in permits for single-unit dwellings in any region. Building permits are a leading indicator, and the lack of growth is a reflection of the constraints builders and homebuyers alike face from higher financing costs.