The number of housing starts fell to 1.425 million, an annual rate, in October

by calculated risks 11/17/2022 08:42:00 AM

From the Census Bureau: Permits, Starts, and Completions

Housing Beginnings:
Privately owned residences were created in October at a seasonally adjusted annual rate of 1,425,000. This is 4.2 percent lower than the revised September estimate of 1,488,000 and 8.8 percent lower than the October 2021 rate of 1,563,000. Housing starting in October was 855,000 single-family; That’s 6.1 percent down from September’s revised number of 911,000. The October rate for housing units of five and more was 556,000.

Building permits:
Privately owned housing units licensed under building permits in October had a seasonally adjusted annual rate of 1,526,000. This is 2.4 percent below the revised September rate of 1,564,000 and 10.1 percent below the October 2021 rate of 1,698,000. The single-family permit rate in October was 839,000; That’s 3.6 percent lower than September’s revised number of 870,000. Unit permits in buildings consisting of five units or more amounted to 633,000 units in October.
Affirmations added

Click on the chart for a larger image.

The first chart shows the beginnings of single and multi-family housing over the past several years.

Polyfamily starts (blue, 2+ units) decreased in October compared to September. Multifamily starts rose 17.8% year-over-year in October.

Single-family starts (in red) declined in October and were down 20.8% year-over-year.

Total housing starts and single-family housing startsThe second graph shows single and multi-family housing started since 1968.

This is indicative of the massive collapse that followed the housing bubble, and then the eventual recovery.

Total housing built in October was above forecasts, however, starts in August and September were revised down slightly, combined.

I’ll take more later…

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *