New Residential Construction Data: Key Insights from September 2023
We found recent announcement dated October 18, 2023 throughthe NAHB, the latest data on new residential construction for September 2023 provides valuable insights into the state of the housing market. The report, sourced through the National Association of Home Builders (NAHB), sheds light on key trends in building permits, housing starts, and completions.
Building Permits:
Privately-owned housing units authorized by building permits in September were recorded at a seasonally adjusted annual rate of 1,473,000. This figure represents a 4.4% decrease from the revised August rate of 1,541,000 and a 7.2% drop from the rate observed in September 2022, which stood at 1,588,000. Notably, single-family authorizations in September experienced an increase, reaching a rate of 965,000, marking a 1.8% rise from the revised August figure of 948,000. Authorizations for units in buildings with five or more units were recorded at a rate of 459,000 in September.
Housing Starts:
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Privately-owned housing starts in September were reported at a seasonally adjusted annual rate of 1,358,000. This marks a 7.0% increase from the revised August estimate of 1,269,000, but it is 7.2% lower than the September 2022 rate of 1,463,000. The data reveals that single-family housing starts in September reached a rate of 963,000, indicating a 3.2% increase from the revised August figure of 933,000. Meanwhile, the September rate for units in buildings with five units or more was 383,000.
Housing Completions:
Privately-owned housing completions in September were at a seasonally adjusted annual rate of 1,453,000. This figure shows a 6.6% increase from the revised August estimate of 1,363,000 and a 1.0% rise from the rate in September 2022, which was 1,438,000. Single-family housing completions in September reached a rate of 998,000, marking a 5.3% increase from the revised August rate of 948,000. The September rate for units in buildings with five units or more was 445,000.
These statistics provide a snapshot of the housing market's performance in September 2023. They are crucial indicators for industry professionals and market observers, shedding light on the direction of the real estate market and the broader economic landscape. For more in-depth analysis and insights, you can refer to the original report provided by the NAHB.