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Residential Market Blasts Off in September

Permits and starts post double digit gains.


In the surest sign yet that the residential market is recovering, building permits and housing starts posted 11.6 and 15 percent gains respectively in September, with permit activity running at a whopping 45.1 percent ahead of September 2011. The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for September 2012:

BUILDING PERMITS
Privately-owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 894,000. This is 11.6 percent (±1.1%) above the revised August rate of 801,000 and is 45.1 percent (±1.8%) above the September 2011 estimate of 616,000.

Single-family authorizations in September were at a rate of 545,000; this is 6.7 percent (±0.9%) above the revised August figure of 511,000. Authorizations of units in buildings with five units or more were at a rate of 323,000 in September.

HOUSING STARTS
Privately-owned housing starts in September were at a seasonally adjusted annual rate of 872,000. This is 15.0 percent (±12.1%) above the revised August estimate of 758,000 and is 34.8 percent (±18.2%) above the September 2011 rate of 647,000.

Single-family housing starts in September were at a rate of 603,000; this is 11.0 percent (±11.1%)* above the revised August figure of 543,000. The September rate for units in buildings with five units or more was 260,000.

HOUSING COMPLETIONS
Privately-owned housing completions in September were at a seasonally adjusted annual rate of 683,000. This is 0.4 percent (±11.2%)* above the revised August estimate of 680,000 and is 13.8 percent (±16.2%)* above the September 2011 rate of 600,000.

Single-family housing completions in September were at a rate of 524,000; this is 8.5 percent (±15.4%)* above the revised August rate of 483,000. The September rate for units in buildings with five units or more was 145,000.

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