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U.S. housing production remained virtually unchanged in September, increasing 0.5% to a seasonally adjusted annual rate of 590,000 units, according to the U.S. Commerce Department.
Housing starts were down across three out of four regions in September, with the Northeast, Midwest and West posting declines of 11.5%, 6.1%, and 10.2%, respectively. The South was the only region to register an increase in starts during September, with a 7.5% gain for the month.
Permit issuance, which can be an indicator of future building activity, fell by 1.2% overall to a seasonally adjusted annual rate of 573,000 units in September. Single-family permits were down 3% to 450,000 units while multifamily permits gained 5.1% to 123,000 units.
Regionally, the Northeast and South posted declines of 3.1% and 1.7%, respectively, while the Midwest posted a 1% gain and the West posted no change for the month.
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