The U.S. Census Bureau and the Department of Housing and Urban Development reported Tuesday morning that new housing starts in September rose to a seasonally adjusted annual rate of 1.206 million, an increase of 6.5% from the upwardly revised August rate of 1.132 million and an increase of 17.5% compared with the September 2014 rate of 1.026 million. The consensus estimate from a survey of economists expected a rate of around 1.147 million.
The revision to the August rate added 6,000 new housing starts from the previously reported total.
The seasonally adjusted rate of new building permits slipped in September to 1.103 million, down 5% from the downwardly revised August rate of 1.161 million, but 4.7% above the August 2014 rate of 1.053 million. The consensus estimate called for 1.17 million new building permits.
Single-family housing starts ticked up to an annualized rate of 740,000 in September, up 0.3% from the revised August rate of 738,000.
Permits for new single-family homes slipped 0.3% year over year in September, to an adjusted annual rate of 697,000, from a revised total of 699,000 in August.
Multifamily starts for buildings with five or more units, a more volatile number than single-family starts, rose by 37.7% year over year in September and slipped by 8.8% compared with August.
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