Construction equipment may get less of a chance to move on residential housing in the future according to a recently-released report.
According to the joint report released by U.S. Census Bureau and the Department of Housing and Urban Development, the number of building permits issued fell 1.2 percent in September, a sign that future construction may see a dip. Building permits for single-family homes fell by 3 percent in September.
Some analysts note that the reduced number of permits could be tied to the fact the government's credit for first-time home buyers is expiring on November 30. Recently, Connecticut Democratic Senator Chris Dodd said the tax credit should be extended beyond the deadline.
"The credit is set to expire in five weeks. But the work of stabilizing the housing market won't be done," Dodd said.
Though permits fell, the number of housing starts increased during the month, indicating construction equipment was on the move in September. Overall, housing starts were up by 0.5 percent in September. Starts on single-family homes were up by 3.9 percent.