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New Residential Housing Improves in October

Single family housing permits, starts and completions all climb over September.

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The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for October 2011:

BUILDING PERMITS
Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 653,000. This is 10.9 percent (±1.6%) above the revised September rate of 589,000 and is 17.7 percent (±3.4%) above the October 2010 estimate of 555,000.

Single-family authorizations in October were at a rate of 434,000; this is 5.1 percent (±1.6%) above the revised September figure of 413,000. Authorizations of units in buildings with five units or more were at a rate of 202,000 in October.

HOUSING STARTS
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 628,000. This is 0.3 percent (±10.9%)* below the revised September estimate of 630,000, but is 16.5 percent (±10.7%) above the October 2010 rate of 539,000.

Single-family housing starts in October were at a rate of 430,000; this is 3.9 percent (±7.5%)* above the revised September figure of 414,000. The October rate for units in buildings with five units or more was 183,000.

HOUSING COMPLETIONS
Privately-owned housing completions in October were at a seasonally adjusted annual rate of 584,000. This is 5.7 percent (±14.9%)* below the revised September estimate of 619,000 and is 2.8 percent (±11.0%)* below the October 2010 rate of 601,000.

Single-family housing completions in October were at a rate of 453,000; this is 7.1 percent (±11.5%)* above the revised September rate of 423,000. The October rate for units in buildings with five units or more was 129,000.