Briefing.com: Housing Starts

Updated: 17-Nov-22 09:28 ET

October Housing Starts

Updated: 17-Nov-22 09:28 ET

Highlights

Housing starts decreased 4.2% month-over-month in October to a seasonally adjusted annual rate of 1.425 million (Briefing.com consensus 1.420 million) from an upwardly revised 1.488 million (from 1.439 million) in September.
Building permits dropped 2.4% month-over-month to a seasonally adjusted annual rate of 1.526 million (Briefing.com consensus 1.518 million) from an unrevised 1.564 million.

Key Factors

Single-unit starts overall were down 6.1% month-over-month. The change in single-unit starts by region: Northeast (-11.9%); Midwest (-12.6%); South (-1.5%); and West (-12.6%).
Single-unit permits overall were down 3.6% month-over-month. The change in single-unit permits by region: Northeast (-12.1%); Midwest (0.0%); South (-2.7%); and West (-5.6%).
Multi-unit starts were down 1.2% month-over-month. Multi-unit permits were down 1.0% month-over-month.
The number of units under construction at the end of the period increased 0.8% month-over-month to a seasonally adjusted annual rate of 1.722 million.

Big Picture

The key takeaway from the report is that there was no growth in single-unit starts in any region nor any growth in permits (a leading indicator) in any region for single-unit dwellings.