September single-family housing starts surged 8.5% and reached their highest pace since June 2007 at 1.1 million, according to the National Association of Home Builders.
Overall housing starts grew 1.9% to a seasonally adjusted rate of 1.4 million, the U.S. Census Bureau reports. Year-over-year, housing starts are up 11.1%.
Multifamily housing starts, which include apartment buildings and condos, tumbled 14.7%.
"Demand is being supported by low interest rates, a suburban shift in demand and demographic tailwinds,” NAHB Chief Economist Robert Dietz stated.
Regionally, compared with September 2019, housing starts increased 26.1% in the Northeast, 4.4% in the Midwest, 8.9% in the South and 13.6% in the West.
Building permits jumped 5.2% month-over-month to an adjusted rate of 1.5 million (up 8.1% year-over-year), and housing completions surged 15.3% from August to a rate of 1.2 million (up 25.8% year-over-year).
The full report can be found here.
