Economic Trends
September U.S. Housing Starts Fall for 3rd Straight Month
Single-family starts hit their lowest rate in 12 months, while single-family building permits were at their lowest mark in 3.5 years.
Amid higher construction costs and rising interest rates, single-family housing starts have fallen to a two-year low, according to the National Association of Home Builders.
The U.S. Census Bureau released its monthly new residential construction report for September on Oct. 20, showing a third straight monthly decline for private housing starts to a four-month low, while single-family building permits dropped to their lowest mark in 3 and a half years.
Housing Starts
Privately-owned housing starts in June were at a seasonally-adjusted rate of 1.221 million, down 5.2% from August’s revised estimate and down 7.4% year-over-year. Single-family housing starts were at a rate of 859,000, down 4.6% from August to their lowest mark since September 2025 and up 2.6% year-over-year.
Building Permits
September’s privately-owned housing units authorized by building permits were at a seasonally-adjusted rate of 1.400 million, down 0.2% from August’s revised rate and down 3.0% year-over-year. Single-family authorizations were at a rate of 845,000, down 4.0% from August and down 4.8% year-over-year.
Housing Completions
In September, privately-owned housing completions were at a seasonally-adjusted annual rate of 1.192 million, 2.2% above the revised August estimate and down 14.0% year-over-year. Single-family housing completions were at a rate of 840,000, 2.4% below the revised August rate.
