Industry News

U.S. housing starts plummet 20%

Rate of building permits also declines in September

The rate of single-family housing starts dropped 20.3 percent in September compared to September 2005, the U.S. Census Bureau and the Department of Housing and Urban Development announced today, while total housing starts dropped 17.9 percent. Privately owned housing starts reached a seasonally adjusted annual rate of 1.77 million in September, which is about 5.9 percent above the revised August estimate. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in construction activity. Single-family housing starts in September were at a rate of 1.43 million, which is about 4.3 percent above the August figure. The September rate for units in buildings with five units or more was 314,000. Meanwhile, privately owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1.62 million, which is about 6.3 percent below the revised August rate and about 27.7 percent belo...