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Total housing starts in the US for September 2022 fell -8.1% to 1.439 million units compared to the 1.566 million units reported for August, and were down -7.7% from the September 2021 rate of 1.559 million. Data for August 2022 was revised lower, from the previously reported 1.575 million units.
Yet total US housing starts year-to-date are up +1.8% compared to January – September 2021.
It is interesting to note that total permits in July were 1.685 million units, just +7.2% above starts for September. This indicates a good momentum for ongoing construction activity.
That starts dropped in September is not alarming since it is the normal time of year, seasonally, for building to start slowing down.