Housing Starts Down 38% in October

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November 21, 2008

Housing Starts Down 38% in October

By MDM Staff

Privately-owned housing starts in October were at a seasonally adjusted annual rate of 791,000. This is 4.5% below the revised September estimate of 828,000 and is 38.0% below the revised October 2007 rate of 1,275,000.

Single-family housing starts in October were at a rate of 531,000; this is 3.3% below the September figure of 549,000. The October rate for units in buildings with five units or more was 247,000.

Year-to-date, housing starts were down 31.5% in the U.S. overall, 10.3% in the Northeast, 33.6% in the Midwest, 32% in the South and 38.2% in the West.

Building Permits

Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 708,000. This is 12.0% below the revised September rate of 805,000 and is 40.1% below the revised October 2007 estimate of 1,182,000.

Single-family authorizations in October were at a rate of 460,000; this is 14.5% below the September figure of 538,000. Authorizations of units in buildings with five units or more were at a rate of 218,000 in October.

Housing Completions

Privately-owned housing completions in October were at a seasonally adjusted annual rate of 1,043,000. This is 10.2% below the revised September estimate of 1,161,000 and is 25.6% below the revised October 2007 rate of 1,401,000.

Single-family housing completions in October were at a rate of 760,000; this is 7.7% below the September figure of 823,000. The October rate for units in buildings with five units or more was 269,000.

Source: U.S. Census Bureau and the Department of Housing and Urban Development

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