Multi-unit housing starts show strong growth in September   

Housing starts jumped to 658 thousand in September from 572k in August (seasonally adjusted annual rate) with single unit structures totaling 425 thousand. The growth was in multi-unit structures as single unit structures only increased by 7k. Total starts reached a low mark of 477k in April of 2009, while single unit starts bottomed out at 360k in January of 2009. Housing starts remain far below the average of just over 1.5 million per year over the last 40+ years, and even farther below the 2.2 million peak of the most recent housing boom. Total starts have been under 1 million (SAAR) for 39 straight months, far longer than in previous housing recessions, averaging only 604k during this stretch. Since 1968, the U.S. population has grown from 200 million to over 300 million. Low housing starts not only impact transportation demand for building products but also for appliances, furniture, and other related items. The vertical bars represent recessions.