US Housing Starts, Building Permits Plunge In September

October 19, 2021   |  
US Housing Starts, Building Permits Plunge In September

Following August's surprisingly large jump, building permits and housing starts were expected to slow down significantly in September, and slow-down they did.

After the 5.6% MoM surge (revised down from +6.0% MoM) in August, Building Permits plunged 7.7% MoM in September (dramatically worse than the 2.4% MoM drop expected).

Housing Starts were dramatically revised lower in August (from +3.9% MoM to +1.2% MoM) and September saw starts tumble 1.6% MoM (considerably worse than the 0.0% expected).

Source: Bloomberg

Permits are at their lowest level since September 2020 and Starts are at 6-month lows...

Source: Bloomberg

Multi-family permits plunged 21% SAAR from 630K to 498K while single-family permits slide to 1.041MM, the lowest since July 2020.

Single-family home starts were unchanged at 1.080MM while multi-family starts dropped 5.1% SAAR from 492K to 467K

All of which is odd given that NAHB sentiment just rebounded strongly...

Maybe homebuyers know better after all.

Tyler Durden Tue, 10/19/2021 - 08:38