U.S. builders further reduced new housing production in September, according to numbers reported by the U.S. Commerce Department. Commerce indicated that nationwide housing starts declined 6.3 percent to a seasonally adjusted annual rate of 817,000 units, the slowest building pace since early 1991.
Total housing starts fell 6.3% to an 817,000-unit rate in September following a substantial downward revision to the August number. Single-family starts declined 12% to a rate of 544,000 units, which is the slowest pace of new-home production since August 1982. Meanwhile, multifamily starts rose 7.5% to 273,000 units, partially offsetting a big decline in the previous month.
Regionally, starts activity was mixed in September. The Northeast and West each posted double-digit declines (of 21% and 16.8%, respectively), while the Midwest and South each posted modest gains (of 5.6% and 0.5%, respectively).
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