The change in single-unit starts by region: Northeast (+11.1%); Midwest (+50.8%); South (-8.2%); and West (-14.6%).
The change in single-unit permits by region: Northeast (+32.3%), Midwest (+12.1%); South (+0.5%); and West (-7.0%).
Multi-unit starts increased 10.7% month-over-month while multi-unit permits increased 21.9% month-over-month.
The number of units under construction at the end of the period was up 2.3% month-over-month to a seasonally adjusted annual rate of 1.519 million. That left the Q4 average 5.7% above the third quarter average, so it will be accounted for as a positive input in Q4 GDP forecasts.The key takeaway from the report is that the increases were driven by multi-unit dwellings. Single-unit starts were down 2.3% and single-unit permits were up just 2.0% with little to no growth in the two largest homebuilding regions (the South and the West).