Housing Starts Rise, Set Quarterly Record

Single-family housing starts rose 3.1% in September to close out a record third quarter of construction activity.The U.S. Census Bureau reported that single-family starts rose from a seasonally adjusted annual rate of 1.47 million in August to 1.52 million in September. National Association of Home Builders economist Michael Carliner estimates that starts in the third quarter eclipsed the record set in the third quarter of 1977. "This is the best quarter ever," he said. He also noted that builders have an unusually high number of units under construction, as well as a high number of unused permits. "We are busting at the seams," he said. The industry is running into capacity constraints because of a shortage of OSB wood panels, a plywood substitute.