Both permits and housing starts fell in September
following an unanticipated increase the previous month. Where the August gains were
driven primarily by strong multifamily construction activity, a decline in that
sector hurt the September metrics. Permitting was especially weak, with the lowest
seasonally adjusted annual rate since September 2020’s nearly identical number.
Permits were issued at a rate of 1.589 million compared to a revised rate of
1.721 million in August, a decline of 7.7 percent. The August permits were
originally reported at a rate of 1.728 million. As noted, there was no change from
a year earlier. The forecasts for permits from analysts polled by Econoday
all exceeded the reported number, ranging from 1.620 million to 1.725 million
units. The consensus from both Econoday and Trading Economics was
a 1.680 million permitting rate.


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