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September Home Starts Rebound From Katrina
Rebounding from the disruption of Hurricanes Katrina and Rita, new-home construction maintained a vigorous pace in September, the U.S. Commerce Department reported on Oct. 19, increasing 3.4% to a seasonally adjusted annual rate of 2.108 million units following upward revisions for July and August.
The September construction pace was running 10.3% above a year earlier and remained above 2 million units for the sixth consecutive month.
Single-family home construction rose 2.6% to a near-record pace of 1.747 million units in September, 12.3% above one year earlier.
“Builders are operating at a very healthy pace and see little letup in the months ahead, despite the initial shock and economic uncertainties immediately following Hurricanes Katrina and Rita,” said NAHB Presidents Dave Wilson.
“All the fundamentals remain in place and the overall housing market continues to exhibit ongoing strength,” said NAHB Chief Economist David Seiders. “Favorable mortgage rates as well as strong household income and job growth continue to bolster housing demand.”
Regionally, construction of new homes and apartments last month rose 1.9% in the Midwest and 6.9% in the South, despite adverse weather effects along the Gulf, while the housing starts rate remained unchanged in the Northeast and West.
Multifamily housing starts increased by 7.8% last month to a seasonally adjusted yearly rate of 361,000 units, which was 1.1% above September of last year.
The number of building permits issued in September increased 2.4% to a seasonably adjusted rate of 2.189 million units. Single-family permits were up 4.4%, reaching a record annual rate of 1.749 million. Multifamily permits were down 4.8%.
HousingEconomics.com Features Monthly Housing Activity
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