According to the latest new residential construction statistics from the U.S. Census Bureau and the Department of Housing and Urban Development, privately owned housing starts in October were at a seasonally adjusted annual rate of 1,520,000, which is 0.7% below the revised September estimate of 1,530,000, but is 0.4% above the October 2020 rate of 1,514,000.
Single‐family housing starts last month were at a rate of 1,039,000, which is 3.9% below the revised September figure of 1,081,000. The October rate for units in buildings with five units or more was 470,000.
“Builders are doing everything in their power to bring more homes to the market, but there are headaches along the way,” says Ali Wolf, chief economist at Zonda. “For example, the latest housing completion number is disappointing as supply chain, disrupted building timelines, and labor are stretching out the time it takes to start a home and complete it.”
October’s housing completions were at a seasonally adjusted annual rate of 1,242,000, which is virtually unchanged from the revised September estimate of 1,242,000, but is 8.4% below the October 2020 rate of 1,356,000. Single‐family housing completions last month were at a rate of 929,000, or 1.7% below the revised September rate of 945,000. The October rate for units in buildings with five units or more was 302,000.
Housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,650,000, which is 4% above the revised September rate of 1,586,000 and is 3.4% above the October 2020 rate of 1,595,000. Single‐family authorizations last month were at a rate of 1,069,000, or 2.7% above the revised September figure of 1,041,000. Authorizations of units in buildings with five units or more were at a rate of 528,000.
