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U.S. housing starts hit one-year low; building permits tumble

Wednesday, Oct 18 2017
U.S. housing starts hit one-year low; building permits tumble

U.S. homebuilding fell to a one-year low in September as Hurricanes Harvey and Irma disrupted the construction of single-family homes in the South, suggesting housing probably remained a drag on economic growth in the third quarter. Housing starts decreased 4.7 percent to a seasonally adjusted annual rate of 1.127 million units last month, the Commerce Department said. That was the lowest level since September 2016 and marked the third monthly decline in starts.

Building permits fell 4.5 percent to a rate of 1.215 million units in September. Permits in the South dropped 5.6 percent. The Commerce Department said the areas in Texas and Florida impacted by the storms accounted for about 13 percent of U.S. building permits in 2016. “September’s drop in starts underscores the importance of Florida and Houston,” said Mark Vitner, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

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