Briefing.com: Housing Starts

Updated: 17-Nov-23 09:15 ET

October Housing Starts

Updated: 17-Nov-23 09:15 ET

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.