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Construction starts on single-family homes have plummeted by 18 percent over the past year as the rout continued to deepen in September.
Overall, privately owned housing starts — including single- and multifamily projects — were at a seasonally adjusted annual rate of 1.4 million last month, an 8 percent drop after August’s unexpected construction boom, according to a report Wednesday from the U.S. Census Bureau.
Single-family projects took yet another beating during the same period, declining nearly 5 percent from August to September to a seasonally adjusted annual rate of 892,000 starts.
Meanwhile crews appeared to be turning their attention to completing projects at an increasingly fast pace.
Builders completed housing projects at a seasonally adjusted annual rate of 1.4 million in September, up 6 percent from the previous month and nearly 16 percent year over year. Single-family project completions were up 3 percent monthly and 11 percent annually over the same period.
New building permits ticked up slightly for all housing projects in September, but continued to drop substantially for single-family homes.
For all projects, permits were up 1 percent from the previous month but down 3 percent year over year. For single-family projects, permits were down 3 percent from August to September, and were 17 percent lower than the same time last year.