Home building data and keep eye on multi family

September housing starts totaled 1.358mm, 25k less than expected and August was revised down by 14k to 1.269mm and compares with 1.451mm in July. Single family starts rose by 30k m/o/m to 963k after falling by 55k in August. Multi family starts rebounded by 59k to 395k after the large 130k count fall in August but the last time it was below 300k two months in a row was back in 2020.

With respect to permits, they increased for single family to 965k which is the most since May 2022. For multi family, and reflecting more pencils down as discussed earlier, permits shrunk by 85k m/o/m to 508k to the least since October 2020. Multi family construction though currently in place remains high as ‘under construction’ was above 1mm for the 3^rd straight month. For perspective, this stood at 682k in February 2020.