Industry News

New-home permits down, starts inch up

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The rate of single-family building-permit authorizations dropped an estimated 14.9 percent year-over-year in September and dipped 3 percent compared to August, the U.S. Census Bureau and Department of Housing and Urban Development announced today. The seasonally adjusted annual rate for single-family housing starts, meanwhile, was down an estimated 8.7 percent year-over-year in September and rose 3.9 percent from August. This rate is a projection of a monthly total over a 12-month period, adjusted to account for typical seasonal fluctuations in construction activity. The total permits rate in September fell 28.9 percent compared to September 2008, from 806,000 to 573,000, and was down 1.2 percent from the August 2009 rate. The total rate of housing starts dropped 28.2 percent year-over-year in September, to 590,000, while rising 0.5 percent compared to August. The housing starts rate was below the 2 percent monthly increase in housing starts that was forecast in a survey o...