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News Oct. 20, 2021

Housing starts fall in September

Housing starts decreased 1.6% in September to a seasonally adjusted annual rate of 1.555 million units, according to reuters.com. The rate was lower than economists’ expectations of 1.620 million units.

Additionally, housing starts were up 7.4% compared with September 2020. Applications for building permits, a good indication of future activity, fell 7.7% to 1.589 million units in September—the lowest level since September 2020.

Single-family housing starts were unchanged at 1.080 million units, and multifamily dropped 5.1% to 467,000 units.

A recent survey from the National Association of Home Builders showed confidence among single-family homebuilders rising further in October but noted “builders continue to grapple with ongoing supply chain disruptions and labor shortages that are delaying completion times.”

Additionally, the number of houses authorized for construction but not yet started reached a record high in September—a sign builders are reluctant to take on new projects.

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