US new residential construction activity likely quickened in September

Buoyed by unusually warm and arid conditions across the continental US during the reference period, the number of new housing units started likely climbed to a three-month high seasonally adjusted annual rate of 1.165 million in September. Fueled by stepped-up apartment-building construction, multifamily groundbreakings probably jumped by 7.2% to 415,000, accounting for almost two thirds of the increase in overall activity last month. 

Continuing along a saw-toothed path, single family starts are expected to have risen by 1.5% to 750,000 - a touch above the 729,000 average posted over the JuneAugust span. Echoing the composition of starts, the number of building permits issued likely rose by 2.9% to 1.195 million, building on the 2.7% gain recorded in August.

"Our projections, if realized, would place housing starts over the three months ended September 2.4% annualized below their April-June average, after a 96.3% springquarter surge", says Societe Generale.