Hurricanes Push Down Housing Production in September

National Association of Home Builders
October 19, 2017
Markets

Nationwide housing starts fell 4.7 percent in September to a seasonally adjusted annual rate of 1.13 million units, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.

Nationwide single-family production fell 4.6 percent to 829,000 units due to a 15.3 percent decline in the hurricane-ravaged South. All other regions posted gains in the single-family sector, and nationwide single-family permits increased 2.4 percent.

"Looking at historical data, there is a pattern of decreased production immediately following natural disasters but economic fundamentals will drive the longer-term trend in housing starts," says National Association of Home Builders Senior Economist Michael Neal. "Nationwide single-family permits are up this month, and year-to-date single-family starts are 9.1 percent ahead of their level over the same period last year—two indicators that this sector continues to improve."