Housing starts in Sept. at highest level since June 1986

"Housing starts rebounded in September to their highest rate since June 1986 supported by the lowest mortgage interest rates since the 1960s," said Robert J. Sheehan, consulting economist for the National Apartment Association.

"Housing starts had declined moderately in the three previous months. And single-family starts increased to their highest rate since November 1978. Also, multifamily starts fell slightly, but remain at a very high level," Sheehan said.

Housing starts rose 13.3 percent in September to a 1.843 million-unit seasonally adjusted annual rate from a revised 1.627 million-unit rate for August, according to the U.S. Department of Commerce.

Single-family starts occurred at a 1.477 million-unit rate last month, up 18.2 percent from the 1.25 million-unit rate a month earlier. Multifamily starts dropped 2.9 percent to a 366,000-unit annual rate last month from the revised 377,000-unit rate for August.

Building permit activity increased 3.7 percent in September to a 1.727 million-unit rate from the 1.666 million-unit rate for August. Multifamily permits rose 5.1 percent, and the apartment component was up 4.4 percent. Single-family permits increased 3.2 percent.

See table on Page 4L