Housing Starts Fall to 1.246 Million Annual Rate in October
The Census Bureau reported that privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,246,000, a 4.6 percent decrease from the revised September rate of 1,306,000 and 7.8 percent below the October 2024 rate of 1,352,000. Single-family starts rose 5.4 percent to 874,000, while multi-family starts for buildings with five units or more declined to 347,000. Building permits in October were at an annual rate of 1,412,000, down 0.2 percent from September and 1.1 percent year-over-year. Single-family authorizations fell slightly to 876,000, and permits for five-plus units totaled 481,000. Multi-family starts decreased month-over-month and were down 7.9 percent year-over-year, while single-family starts increased month-over-month but fell 7.8 percent year-over-year. Total housing starts in October were described as well below expectations. November data is still missing due to the government shutdown.
What’s reported
Privately-owned housing starts in October: 1,246,000 annual rate, down 4.6% from September’s 1,306,000.
October starts are 7.8% below the October 2024 rate of 1,352,000.
Single-family starts in October: 874,000, up 5.4% from September’s 829,000.
Multi-family starts (5+ units) in October: 347,000.
Building permits in October: 1,412,000 annual rate, down 0.2% from September’s 1,415,000.
Permits are 1.1% below the October 2024 rate of 1,428,000.
Single-family authorizations in October: 876,000, down 0.5% from September’s 880,000.
Authorizations for five-plus units: 481,000 in October.
Multi-family starts decreased month-over-month and were down 7.9% year-over-year.
Single-family starts increased in October but were down 7.8% year-over-year.
Total housing starts were below expectations.
November data is missing due to the government shutdown.
Open questions
November housing starts data has not been released, and the article does not provide details on why the October figures were below expectations.
Sources: calculatedriskblog.com
