September Single-Family Starts Continue Growth

Single-family starts showed continued growth in September as overall housing production increased 1.9 per cent to a seasonally adjusted annual rate of 1.42 million units, says 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 per cent to a 1.11 million seasonally adjusted annual rate. This is the highest pace of single-family starts since June 2007. The multi-family sector, which includes apartment buildings and condos, decreased 16.3 percent to a 307,000 pace.