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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

October 18, 2023

Month over month (September 2023 vs August 2023, seasonally adjusted annualized rates) 

US housing starts increased 7.0% to a seasonally adjusted annualized rate of  1,358,000 units.  There was  increase in single unit starts (+3.2%) and an increase in multi-unit starts (+17.1%).  The number of residential building permits decreased 4.4% to a seasonally adjusted annualized rate of 1,473,000 units.  Permits were up for single dwellings (+1.8%), down for structures with 2-4 dwellings (-16.9%), and down for multi-unit structures with more than 5 dwellings (-14.0%).

Year over year (September 2023 vs September 2022, seasonally adjusted annualized rates)                                                             

Compared to September 2022, US housing for starts were down 7.2%, with increases in single dwelling starts (+8.6%) and down multi-unit dwellings (-31.5%). Residential building permits were down 7.2%, with increases in single units (+11.6%) and, declines in structures with 2-4 dwellings (-5.8%) and structures with 5 or more dwellings down (-31.6%).  

Year to date (January-September 2023 vs January-September 2022)

Year-to-date housing starts have averaged 12.6% lower in the first nine months of 2023 than in the same period of 2022.  Starts for single dwellings fell 14.0% and for multi-unit dwellings were down 9.2%. Residential building permits declined by 16.3% with year-to-date declines in all categories: single dwellings (-15.2%), structures with 2-4 dwellings (-5.6%) and structures with 5 or more dwellings (-19.0%).

Source: US Census Bureau New Residential Construction, retrieved from Federal Reserve Bank of St. Louis using a FRED API. 


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