US housing starts in September posted a five per cent decline from August. At 1.12 million, seasonally adjusted annual rate is still six per cent above the rate at September 2016, according to the US Department of Housing and Urban Development and the Commerce Department.
Single-family construction in the US South fell as a result of damage from hurricanes. On the other hand, all other regions recorded growth in September. Building permits increased nation-wide by over two per cent, leading to robust confidence in the construction market for new single-family homes in October, the highest since May, according to the National Association of Home Builders.
While this summer’s hurricanes have had a negative effect on the cost of building materials and labour, builders expect the housing market to strengthen in the coming months.