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US housing starts for September miss forecasts

By Alexander Bueso

Date: Tuesday 20 Oct 2020

US housing starts for September miss forecasts

(Sharecast News) - US homebuilders broke ground on fewer houses than expected last month, but the sector continued to be in robust health overall.
According to the Department of Commerce, housing starts rose by 1.9% against the month before to reach an annualised pace of 1.415m.

That was less however than the 1.452m clip anticipated by economists, in part because the level of starts for August was revised down from a preliminary readings of 1.416m to 1.388m.

Nonetheless, starts were still running about 8.8% above their year earlier level.

Furthermore, permits for new homebuilding, a lead indicator for activity, increased by 5.2% on the month to reach 1.553m (consensus: 1.52m).

Housing starts rose in all US regions save for the Midwest, were they fell 32.7% month-on-month to 165,000.

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