U.S. Housing Activity Continues Slide in October
Single-family permits dip 3.6 percent for month; starts fall 6.1 percent.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for October 2022:
Building Permits
Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,526,000. This is 2.4 percent below the revised September rate of 1,564,000 and is 10.1 percent below the October 2021 rate of 1,698,000.
Single‐family authorizations in October were at a rate of 839,000; this is 3.6 percent below the revised September figure of 870,000. Authorizations of units in buildings with five units or more were at a rate of 633,000 in October.
Housing Starts
Privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,425,000. This is 4.2 percent (±12.7 percent)* below the revised September estimate of 1,488,000 and is 8.8 percent (±12.7 percent)* below the October 2021 rate of 1,563,000.
Single‐family housing starts in October were at a rate of 855,000; this is 6.1 percent (±13.4 percent)* below the revised September figure of 911,000. The October rate for units in buildings with five units or more was 556,000.
Housing Completions
Privately‐owned housing completions in October were at a seasonally adjusted annual rate of 1,339,000. This is 6.4 percent (±10.6 percent)* below the revised September estimate of 1,431,000, but is 6.6 percent (±12.6 percent)* above the October 2021 rate of 1,256,000.
Single‐family housing completions in October were at a rate of 961,000; this is 8.3 percent (±8.2 percent) below the revised September rate of 1,048,000. The October rate for units in buildings with five units or more was 362,000.
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