Brief
US housing starts fall to weakest pace since the pandemic
September data show a 5.2% decline in housing starts and a drop in single‑family permits to their lowest level since early 2023.
By Felo News Desk · Published
New residential construction in the United States fell 5.2% in September, reaching an annualized rate of 1.22 million units, the lowest level in four months, Bloomberg reported on Oct. 20.
The slowdown marked the weakest pace for housing starts since the pandemic, with single‑family starts hitting their lowest level in a year and building permits for those homes falling to the lowest point since early 2023.
Multifamily starts, which include apartments, declined nearly 7%, while completions of single‑family homes dropped to the weakest pace in more than six years. The Federal Reserve Bank of Atlanta’s GDPNow model had previously projected a 1.3% decline in residential investment for the third quarter.
Homebuilder confidence has sunk to a 14‑year low, reflecting affordability challenges and higher mortgage rates, which may be discouraging new projects.
Key facts
- Housing starts declined 5.2% to an annualized 1.22 million units in September. (latimes.com)
- Single‑family starts fell to their lowest level in a year. (latimes.com)
- Building permits for single‑family homes dropped to the lowest since early 2023. (latimes.com)
- Multifamily starts fell nearly 7%. (latimes.com)
- Homebuilder confidence hit a 14‑year low amid affordability pressures. (latimes.com)
Sources
- [1] latimes.com — originally reported as “Housing starts fall to one of their weakest paces since the pandemic”
