Single-family housing starts during October were at a rate of 970,000, according to data from the US Census Bureau and the Department of Housing and Urban Development. This represents a 6.9% decline from the September figure of 1.04 million.
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1.31 million, a 3.1% decline from the revised September estimate of 1.35 million and is 4% below the October 2023 rate of 1,36 million.
Single-family authorizations in October were at a rate of 968,000, a 0.5% dip from the revised September figure of 963,000. Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1.41 million, down by 0.6% from the revised September rate of 1.42 million and 7.7% below the October 2023 rate of 1.53 million.
Single-family housing completions in October were at a rate of 986,000, a 1.4% drop from the revised September rate of 1 million. Privately-owned housing completions in October were at a seasonally adjusted annual rate of 1.61 million, a 4.4% decline from the revised September estimate of 1.68 million but 16.8% above the October 2023 rate of 1.38 million.
National Association of Home Builders Chief Economist Robert Dietz predicted the construction environment will bounce back in the coming year.
“While multifamily starts were up in October, the number of apartments under construction is down to 821,000, the lowest count since March 2022,” said Dietz. “Further interest rate cuts from the Federal Reserve through 2025 should result in lower interest rates for construction and development loans, helping to lead to a stabilization for apartment construction and expansion for single-family home building.”
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