The Commerce Department released this morning housing starts for September. Privately-owned (multi-family) starts increased by .5% to a seasonally adjusted annual rate of 590,000 units, market expectations were 607,000. August’s previously reported starts of 598,000 was adjusted lower to 587,000. While single-family housing starts rose at a rate of 501,000 which was 3.9% above the revised August figure of 482,000
Additionally Building Permit numbers were also released. Privately-owned housing units authorized by building permits were at an adjusted annual rate of 573,000 which was 1.2% below the revised August rate of 580,000. We are still 28.9% below September 2008 estimate of 806,000. Single-family permit authorizations in September were down a larger amount of 3% a rate of 450,000 which was below the revised August figure of 464,000