HVAC Residential Market / News / New Construction Market

Residential Construction Up in September

residential constructionFor HVACR contractors who are involved in the residential construction market, there may be good news on the way. The latest numbers from this sector show that construction activity is picking up. According to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), the new residential construction statistics for September 2012 are up from August as well as the same time last year.

The breakdown of the statistics that the Census Bureau and HUD released are as follows:

• Building Permits — Information released by HUD and the Census Bureau shows that privately owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 894,000. This is 11.6 percent (±1.1 percent) above the revised August rate of 801,000 and is 45.1 percent (±1.8 percent) above the September 2011 estimate of 616,000.

Single-family authorizations in September were at a rate of 545,000; this is 6.7 percent (±0.9 percent) above the revised August figure of 511,000. Authorizations of units in buildings with five units or more were at a rate of 323,000 in September.

• Housing Starts — The September 2012 statistics reveal that privately owned housing starts in September were at a seasonally adjusted annual rate of 872,000. This is 15.0 percent (±12.1 percent) above the revised August estimate of 758,000 and is 34.8 percent (±18.2 percent) above the September 2011 rate of 647,000. Single-family housing starts in September were at a rate of 603,000; this is 11.0 percent (±11.1 percent) above the revised August figure of 543,000. The September rate for units in buildings with five units or more was 260,000.

• Housing Completions — The joint release also indicated that privately owned housing completions in September were at a seasonally adjusted annual rate of 683,000. This is 0.4 percent (±11.2%) above the revised August estimate of 680,000 and is 13.8 percent (±16.2%) above the September 2011 rate of 600,000.

Single-family housing completions in September were at a rate of 524,000; this is 8.5 percent (±15.4%) above the revised August rate of 483,000. The September rate for units in buildings with five units or more was 145,000.

For more information, go to http://www.census.gov/starts.

Publication date: 11/12/2012

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