Housing Starts Increased to 1.372 million Annual Rate in October

by Calculated Risk on 11/17/2023 08:30:00 AM

From the Census Bureau: Permits, Starts and Completions

Housing Starts:
Privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,372,000. This is 1.9 percent above the revised September estimate of 1,346,000, but is 4.2 percent below the October 2022 rate of 1,432,000. Single‐family housing starts in October were at a rate of 970,000; this is 0.2 percent above the revised September figure of 968,000. The October rate for units in buildings with five units or more was 382,000.

Building Permits:
Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate
of 1,487,000. This is 1.1 percent above the revised September rate of 1,471,000, but is 4.4 percent below the
October 2022 rate of 1,555,000. Single‐family authorizations in October were at a rate of 968,000; this is 0.5
percent above the revised September figure of 963,000. Authorizations of units in buildings with five units or more
were at a rate of 469,000 in October.
emphasis added

Multi Housing Starts and Single Family Housing StartsClick on graph for larger image.

The first graph shows single and multi-family housing starts since 2000.

Multi-family starts (blue, 2+ units) increased in October compared to September.   Multi-family starts were down 30.0% year-over-year in October.

Single-family starts (red) increased in October and were up 13.1% year-over-year.

Multi Housing Starts and Single Family Housing StartsThe second graph shows single and multi-family housing starts since 1968.

This shows the huge collapse following the housing bubble, and then the eventual recovery – and the recent collapse in single-family starts.

Total housing starts in October were above expectations and starts in August and September were revised up, combined.

I’ll have more later …