Single-family starts and building permits had another strong month in September, as builders increased production on the back of buoyant demand and dwindling inventory. A moderation in lumber prices has given homebuilder confidence a further boost, but shortages of lots will not be solved so quickly. Alongside some evidence of housing demand flattening out, we therefore expect growth in single-family starts will moderate from here, ending the year at around 1.14m annualised.
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