9月新屋开工年率降至122.1万套：独栋开工与许可同步走低，竣工量同比少14%
美国人口普查局与美国住房和城市发展部10月20日联合发布的9月新住宅建设报告（编号CB26-162）显示，当月私人住房开工量经季节调整后的年率为122.1万套，环比下降5.2%，比2025年9月的131.9万套低7.4%。独栋开工与独栋许可同步走低，新房供应端的动能继续放缓。
开工结构上，独栋住宅开工年率为85.9万套，环比下降4.6%；5户以上多户住宅开工年率为34.9万套。8月开工数据经修订后为128.8万套。
被视为后续开工先行指标的营建许可方面，9月许可年率为140.0万套，环比微降0.2%，同比低3.0%。其中独栋许可84.5万套，环比下降4.0%，为近13个月最低；5户以上多户许可50.3万套。
竣工方面，9月竣工年率为119.2万套，环比回升2.2%，但同比大幅低14.0%。独栋竣工84.0万套，环比降2.4%；5户以上多户竣工33.9万套。竣工量同比明显收缩，意味着未来数月进入市场的新房现房供应仍然偏紧。
人口普查局在报告中提示，9月开工与竣工的环比变化在统计上并不显著，其90%置信区间包含零；开工总量通常需要约6个月的数据才能确立趋势，许可约需3个月。10月新住宅建设报告定于11月18日发布。
（来源：美国人口普查局）
Housing Starts Fall 5.2% to a 1.221 Million Pace in September as Single-Family Permits Slide 4.0%
New residential construction slowed in September, according to the joint report (release CB26-162) issued October 20 by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Privately-owned housing starts ran at a seasonally adjusted annual rate of 1,221,000, down 5.2% from the revised August rate of 1,288,000 and 7.4% below the September 2025 rate of 1,319,000.
Single-family starts were at a rate of 859,000, down 4.6% from August, while starts in buildings with five units or more came in at 349,000.
Building permits, a gauge of construction in the pipeline, were at an annual rate of 1,400,000, 0.2% below August and 3.0% below a year earlier. Single-family authorizations fell 4.0% to 845,000, the lowest reading in 13 months, while authorizations in buildings with five units or more were at 503,000.
Housing completions were at an annual rate of 1,192,000, up 2.2% from August but 14.0% below the September 2025 rate of 1,386,000. Single-family completions slipped 2.4% to 840,000, and completions in buildings with five units or more were 339,000, pointing to a continued thin flow of finished new homes reaching the market.
The Census Bureau notes that the monthly changes in starts and completions are not statistically significant, since their 90% confidence intervals include zero, and that it can take about six months to establish an underlying trend in total starts. The October report is scheduled for release on November 18.
(Source: U.S. Census Bureau)
来源：美国人口普查局
发布：GSM·美国（发布链接）
图片来源：图：美国一处独栋住宅的木框架施工现场（资料图）。Wikimedia Commons 图片（CC BY-SA 4.0）。 / Photo: Wood framing going up at a U.S. single-family home construction site (file photo). Image via Wikimedia Commons (CC BY-SA 4.0).
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