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
A photo illustration of 6 South Oxford Street in Fort Greene (Compass)
Townhouse set to smash Fort Greene price record
Townhouse set to smash Fort Greene price record
Mayor Eric Adams and Extell's Gary Barnett (Photos by Paul Dilakian)
Real estate’s titans talk building, selling, and reinventing the city
Real estate’s titans talk building, selling, and reinventing the city
Moinian's Joseph Moinian and Bushburg's Jordan Franklin with rendering of Empire State Dairy Company residences (Moinian Group, LinkedIn, Bushburg)
Bushburg, Moinian snag $105M loan for East New York luxury project
Bushburg, Moinian snag $105M loan for East New York luxury project
Ryan Serhant and Bess Freedman (iStock, Illustration by Kevin Cifuentes for The Real Deal)
Ryan Serhant fires back at Bess Freedman, calls legacy brokerages “scared”
Ryan Serhant fires back at Bess Freedman, calls legacy brokerages “scared”
25 North Moore Street (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Manhattan luxury market slumps back toward normal
Manhattan luxury market slumps back toward normal
281 President Street and 1 John Street, Brooklyn (Streeteasy, Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Jumbo Dumbo condo claims top Brooklyn contract
Jumbo Dumbo condo claims top Brooklyn contract
Johnson & Johnson's James Burke with 35 Potato Road/543 Daniel’s Lane (Johnson & Johnson, Realtor)
Sagaponack waterfront estate sells for almost $48M
Sagaponack waterfront estate sells for almost $48M
Nest Seekers’ Bianca D’Alessio and Mia Calabrese (Nest Seekers, StreetEasy)
Brooklyn Heights penthouse breaks rental record
Brooklyn Heights penthouse breaks rental record
arrow_forward_ios

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

Loading...