Housing starts slide in October
Building permits inch up 0.5 percent in October but housing starts slide 11.7 percent month over month.
The bright spot: Single-family housing completions in October climb 2.7 percent.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for October 2010:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 550,000. This is 0.5 percent (±3.0%)* above the revised September rate of 547,000, but is 4.5 percent (±3.1%) below the October 2009 estimate of 576,000.
Single-family authorizations in October were at a rate of 406,000; this is 1.0 percent (±1.3%)* above the revised September figure of 402,000. Authorizations of units in buildings with five units or more were at a rate of 121,000 in October.
HOUSING STARTS
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 519,000. This is 11.7 percent (±8.6%) below the revised September estimate of 588,000 and is 1.9 percent (±9.6%)* below the October 2009 rate of 529,000.
Single-family housing starts in October were at a rate of 436,000; this is 1.1 percent (±8.6%)* below the revised September figure of 441,000. The October rate for units in buildings with five units or more was 74,000.
HOUSING COMPLETIONS
Privately-owned housing completions in October were at a seasonally adjusted annual rate of 613,000. This is 3.2 percent (±15.3%)* below the revised September estimate of 633,000 and is 18.4 percent (±11.4%) below the October 2009 rate of 751,000.
Single-family housing completions in October were at a rate of 501,000; this is 2.7 percent (±16.8%)* above the revised September rate of 488,000. The October rate for units in buildings with five units or more was 107,000.
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