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Wednesday, November 19, 2014

Housing Starts Dip in October, Still Above 1 Million Pace

Housing starts in October dipped to a seasonally adjusted annual rate of 1.009 million, 2.8% below the revised September estimate of 1.038 million, but 7.8% above the October 2013 rate of 936,000. Single-family housing starts grew at a rate of 696,000, 4.2% above the revised September figure of 668,000. The rate of growth for multifamily units was 300,000, 15.5% below the revised September estimate of 355,000.



The slowing rate of housing starts was broad based. Housing starts in the Midwest declined 18.5% to 145,000 total units, the largest of the four regions, followed by a 16.4% decline to 97,000 units in the Northeast and a 10.9% decline to 221,000 units in the West. The South, the only region to experience an acceleration in housing starts, increased 10.1% to 546,000 units.



Building permits were at a seasonally adjusted annual rate of 1.080 units, which is 4.8% above the revised September rate of 1.031 and 1.2% above the year-ago estimate of 1.067. Building permits for single-family units were at a rate of 640,000, 1.4% above the September figure of 631,000. Building permits for multifamily units were 300,000.

Housing completions in October were at a seasonally adjusted annual rate of 881,000, 8.8% below the revised Septmeber estimate of 966,000, but 8.1% above the year-ago rate of 815,000. Single-family housing completions were at a rate of 585,000, 7.4% below the revised September rate of 632,000. The October rate for multifamily units was 289,000.

Read the Census release.

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