Single-family starts showed continued growth in September as overall housing production increased 1.9 percent to a seasonally adjusted annual rate of 1.42 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The September reading of 1.42 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts increased 8.5 percent to a 1.11 million seasonally adjusted annual rate. This is the highest pace of single-family starts since June 2007. The multifamily sector, which includes apartment buildings and condos, decreased 16.3 percent to a 307,000 pace.
“The housing market remains a bright spot in the U.S. economy, and this is reflected in today’s positive housing starts report,” said NAHB Chairman Chuck Fowke. “Builder confidence is at an all-time high as buyer traffic is strong—another sign that housing is helping to lift the economy.”