October housing holds a mixed bag
Permits rise 4.1 percent; starts drop 11 percent and completions fall 6 percent.
In October, bad weather and an ongoing worker shortage put the brakes on U.S. housing starts, which fell to their lowest level since last spring, but single-family home permits rose to their highest level since late 2007, signalling a robust single-family housing market heading into 2016.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for October 2015:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,150,000. This is 4.1 percent (±1.5%) above the revised September rate of 1,105,000 and is 2.7 percent (±2.2%) above the October 2014 estimate of 1,120,000.
Single-family authorizations in October were at a rate of 711,000; this is 2.4 percent (±1.5%) above the revised September figure of 694,000. Authorizations of units in buildings with five units or more were at a rate of 405,000 in October.
HOUSING STARTS
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,060,000. This is 11.0 percent (±13.5%)* below the revised September estimate of 1,191,000 and is 1.8 percent (±11.2%)* below the October 2014 rate of 1,079,000.
Single-family housing starts in October were at a rate of 722,000; this is 2.4 percent (±9.9%)* below the revised September figure of 740,000. The October rate for units in buildings with five units or more was 327,000.
HOUSING COMPLETIONS
Privately-owned housing completions in October were at a seasonally adjusted annual rate of 965,000. This is 6.0 percent (±15.8%)* below the revised September estimate of 1,027,000, but is 5.2 percent (±12.1%)* above the October 2014 rate of 917,000.
Single-family housing completions in October were at a rate of 640,000; this is 0.5 percent (±13.3%)* below the revised September rate of 643,000. The October rate for units in buildings with five units or more was 318,000.
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