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US housing starts rebound, but permits fall in September

by ChemOrbis Editorial Team - content@chemorbis.com
  • 20/10/2015 (16:37)
According to data from the US Commerce Department, US housing starts rose 6.5% on the month to a seasonally adjusted annualized rate of 1.21 million units owing to higher starts for multi-family houses. The September rate also exceeded economists’ expectations, which called for a pace of 1.15 million units in a survey by the Wall Street Journal. The Commerce Department also revised its August figures upward to show a 1.7% decline from an initial estimate of a 3% fall.

The data showed that construction of single-family houses edged up 0.3% to an annualized pace of 740,000 units while housing starts for multi-family houses rose 18.3% to an annual pace of 466,000 units in September, posting the highest level seen since June.

Meanwhile, September building permits, an indicator of future construction, declined 5% to a seasonally adjusted annualized pace of 1.1 million units, lower than Wall Street Journal economists’ estimates, which called for a rate of 1.16 million units.
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