by calculated risk October 18, 2024 09:10:00 AM
In today’s ‘Calculated Risk Real Estate’ newsletter: September housing starts decline at annual rate of 1,354,000 units
A brief excerpt:
Total housing starts in September were slightly higher than expected, and starts were revised upward for July and August. This is a solid report.
The third chart shows the month-on-month change in total construction starts for 2023 (blue) and 2024 (red).
Total construction starts in September decreased by 0.7% compared to September 2023. The reason why the total number of construction starts in September decreased compared to the previous year was due to a slump in the number of construction starts for apartment complexes.
Single-family housing starts have increased year-over-year in 13 of the past 15 months, while multi-family housing starts have increased year-over-year in only one of the past 15 months. Year-to-date (year-to-date) total construction starts decreased by 3.4% compared to the same period in 2023. Single-family starts increased 10.1% year-to-date, while multifamily starts decreased 30.6% year-to-date.
There’s a lot more to this article.
