Updated: 17-Nov-23 09:15 ET
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Updated: 17-Nov-23 09:15 ET |
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Highlights
- Total housing starts increased 1.9% month-over-month, but were down 4.9% year-over-year, to a seasonally adjusted annual rate of 1.372 million (Briefing.com consensus 1.365 million).
- Building permits -- a leading indicator -- were up 1.1% month-over-month, and down 4.4% year-over-year, to a seasonally adjusted annual rate of 1.487 million (Briefing.com consensus 1.445 million).
Key Factors
- The change in single-unit starts by region: Northeast (+12.0%); Midwest (-0.9%); South (-4.9%); and West (+12.3%).
- The change in single-unit permits by region: Northeast (+7.4%); Midwest (-1.7%); South (-0.2%); and West (+2.0%).
- Multi-unit starts were up 6.4% month-over-month and multi-unit permits were up 2.2% month-over-month.
- The number of units under construction at the end of the period declined 0.1% month-over-month to a seasonally adjusted annual rate of 1.674 million.
Big Picture
- The key takeaway from the report is that building activity, particularly for the much needed single-family unit, remains subdued in the face of higher costs and financing rates. Single-unit starts were up just 0.2% month-over-month while single-unit permits rose 0.5% month-over-month. The number of single-family units under construction at the end of the period was down 0.6% month-over-month and the number of single-family units completed was down 0.9% month-over-month.
Category |
OCT |
SEP |
AUG |
JUL |
JUN |
Starts |
1372K |
1346K |
1305K |
1451K |
1418K |
1 Unit |
970K |
968K |
948K |
988K |
930K |
Multi Units |
402K |
378K |
357K |
463K |
488K |
Permits |
1487K |
1471K |
1541K |
1443K |
1441K |