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Single Family Construction Improves, Multi-Family Not So Much

Posted To: MND NewsWire

After posting some of the best results in a year the previous month, all three construction indicators fell back in September . The U.S. Census Bureau and the Department of Housing and Urban Development said housing starts and completions of residential units were especially weak as were the numbers posted in the Northeast. Permits for residential construction declined by 2.7 percent from the prior month for a seasonally adjusted annual rate of 1,387,000 units. The previous estimate of 1,419,000 permits in August was revised up to 1,425,000. The September estimate leaves the permitting rate up 7.7 percent from the September 2018 estimate of 1,288,000 units. Analysts had expected permits to move lower after the 7.7 percent monthly jump in August. Those polled by Econoday were looking for results...(read more)