Privately-owned housing starts in September were at a seasonally adjusted annual rate of 1.05 million, 9 percent below the August rate of $1.15 and 11.9 percent below the September 2015 rate of 1.18 million, according to the U.S. Census Bureau.
The drop was caused by a steep decline in multifamily units, which fell 38 percent to a seasonally adjusted annual rate of 264,000, compared with August’s rate of 420,000.
Single-family starts in September were at a seasonally adjusted annual rate of 783,000, an 8.1 percent increase compared with August’s rate of 724,000.
"The August reading represents a one-month blip in what has been a long-term, gradual recovery," said NAHB Chief Economist Robert Dietz in a statement. "On a year-over-year basis, single-family starts are up 9 percent while multifamily construction continues to level off at a solid level as that sector seeks to find a balance between supply and demand."
