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October 18, 2024US HOUSING STARTS AND BUILDING PERMITS, SEPTEMBER 2024 Month over month (September 2024 vs August 2024, seasonally adjusted annualized rates)
Compared to the previous month, US housing starts were down 0.5% to a seasonally adjusted annualized rate of 1,354,000 units. There were decreases in multi-unit starts (-9.4%), and increases in single unit starts (+2.7%).
The number of residential building permits declined 2.9% to a seasonally adjusted annualized rate of 1,428,000 units. Permits edged up for single units (+0.3%), while multiple unit starts were down 8.9% .
Year over year (September 2024 vs September 2023, seasonally adjusted annualized rates)
Compared to the same month last year, US housing for starts were down 0.7%, with gains in single unit starts (+5.5%) offset by a sizable decline in multi-unit starts (-16.2%).
Residential building permits were down 5.7% year-over-year, with decreases in single units (-1.2%) as well as in multi-unit structures (-14.1%).
Year-to-date (January-September 2024 vs January-September 2023, seasonally adjusted annualized rates)
Compared to the same period last year, US housing for starts were down 2.6%, with increases in single unit starts (+3.6%), offset by declines in multi-unit starts (-17.0%).
Residential building permits were down 2.2% year-to-date, with increases in single units (+3.3%), offset by decreases for multi-unit structures (-11.6%).
Note: multi-unit refers to structures with 2-4 units as well as structures were more than 5 units.
Source: US Census Bureau New Residential Construction, retrieved from Federal Reserve Bank of St. Louis