Following August’s disappointing dump in Housing Starts (and Permits), September data is an utter disaster. Against expectations of a 2.9% rise, Housing Starts plunged 9.0% in September to 1.047mm – the weakest since March 2015. Year-over-year, Starts have crashed almost 12% – the most since April 2011, driven by a collapse in multi-family housing. Permits offered some hope for the future (although current starts suggests historical permits were a weak indicator).

For the first time since June 2014, Housing Starts fell for 2 months in a row, crashing 12% YoY…

Single-family starts rose 8.1% on the month and 5.4% on the year as multi-family collapsed 38% MoM and 40.8% YoY.

So the silver lining of more single-family homes leaves more pressure on renter nation which is helped, perhaps, by a 16.8% MoM rise in Multifamily housing permits.