Steel Markets
October 17, 2018
Housing Starts Drop More than Expected in September
Written by Sandy Williams
Housing starts dropped 5.3 percent in September to a seasonally adjusted annual rate of 1,201,000, falling more than expected by economists. Multi-family housing led the decline, falling 12.9 percent, compared to 0.9 percent for single-family homes. Compared to a year ago, starts were 6.4 percent higher, said the Census Bureau and HUD.
“Slight gains off the summer soft patch for single-family mirror a minor uptick of the NAHB/Wells Fargo Housing Market Index, now registering a score of 68,” said chief economist Robert Dietz at the National Association of Home Builders. “While builders are benefitting from recent declines in lumber prices (at least relative to spring and summer’s elevated levels), they continue to report concerns about labor access issues.”
