New Construction Activity Slows in September, Primarily in Multi-Family Space
New residential construction activity showed a slight decline in September 2024, following a robust month in August. Permits for new units dropped to 1,428,000 — down 2.9% month-over-month and 5.7% year-over-year. Despite this, building completions remain at 14.6% year-over-year, suggesting that builders are adapting to market conditions.
In the Northeast, there was a dramatic increase in housing starts and completions, while the South continued to dominate new construction activity, accounting for over half of all permits issued.
