Northeast drives gains in building permits, housing starts

Increases show confidence among homebuilders

National /
Oct.October 21, 2020 10:30 AM
The Northeast is driving gains in building permits and housing starts (iStock)

The Northeast is driving gains in building permits and housing starts (iStock)

Building permits and housing starts in the U.S. jumped in September, largely driven by activity in the Northeast.

Privately owned housing starts reached a seasonally adjusted annual rate of 1.41 million units, up 1.9 percent from a revised August estimate, according to Inman. Single-family housing saw 1,108,000 units, up 8.5 percent from August, based on census data.

“Today’s U.S. Census data shows that permits, starts and completions were bolstered by record-high builder optimism, and a strong wave of buyer demand in September,” realtor.com senior economist George Ratiu told Inman in a statement. “However, homebuilders must balance the need to address an acute shortage of housing with the increasing costs of labor, materials and land.”

Building permits for privately owned housing units increased 5.2 percent from August, and single-family authorizations went up 7.8 percent. Month-over-month completions in both of these categories jumped 15.3 percent and 2.1 percent, respectively.

Activity in the Northeast largely drove the increases. New, privately-owned housing units authorized on a seasonally adjusted basis in the region were up by 25.8 percent from August, and the total number of new privately owned housing units started skyrocketed 66.7 percent.

[Inman] — Sasha Jones


Related Articles

arrow_forward_ios
Opendoor CEO Eric Wu (Getty, Opendoor)
Opendoor expands to Miami, 5 additional markets
Opendoor expands to Miami, 5 additional markets
The Closing: Janice Mac Avoy
The Closing: Janice Mac Avoy
The Closing: Janice Mac Avoy
From left: One57 and HNA Group’s Chen Feng, 15 Hudson Yards, 188 E 64th Street and Barry Skolnick (Photos via Getty, StreetEasy, 15 Hudson Yards)
Luxury market hot streak rolls on as Hudson Yards and One57 condos find buyers
Luxury market hot streak rolls on as Hudson Yards and One57 condos find buyers
The $8.9 million Mill Basin property (Douglas Elliman)
Massive Mill Basin townhouse tops Brooklyn contracts
Massive Mill Basin townhouse tops Brooklyn contracts
Meet the 20-somethings funneling their crypto millions into real estate
Meet the 20-somethings funneling their crypto millions into real estate
Meet the 20-somethings funneling their crypto millions into real estate
Cohabs' CEO Youri Dauber and James Grasso (Twitter, LinkedIn)
European co-living company Cohabs plans $50M NYC expansion
European co-living company Cohabs plans $50M NYC expansion
 Jay Bialsky and 2 West Water Street in Sag Harbor (Getty, renderings via Bespoke Real Estate)
The drama behind Jay Bialsky’s $25M listing in Sag Harbor
The drama behind Jay Bialsky’s $25M listing in Sag Harbor
Katerra facility (Katerra, Getty)
Katerra employees fire back with lawsuit over abrupt closure
Katerra employees fire back with lawsuit over abrupt closure
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...