The U.S. Census Bureau released its monthly new residential construction report for October on Jan. 9, showing a continued decline in housing starts despite a monthly gain for single-family homes.

The report was delayed by the 43-day government shutdown from Oct. 1-Nov. 13.

Housing Starts

Privately-owned housing starts in October were at a seasonally-adjusted rate of 1.246 million — the lowest such level since May 2020 amid the height of the COVID-19 pandemic — down 4.6% from September and down 7.8% year-over-year. Single-family housing starts were at a rate of 874,000 in October, which was up 5.4% from September. The October rate for units in buildings with five units or more was 347,000.

Building Permits

October’s privately-owned housing units authorized by building permits were at a seasonally-adjusted rate of 1.412 million — down 0.2% from September and down 1.1% year-over-year. Single-family authorizations were at a rate of 876,000, which was down 0.5% from September, while authorizations for buildings with five units or more were at a rate of 481,000.

Housing Completions

October’s privately-owned housing completions were at a seasonally-adjusted annual rate of 1.386 million — up 1.1% from September but down 15.3% year-over-year. Single-family completions were at a rate of 1.009 million, which was up 6.0% from September, while the October rate for buildings with five units or more was 367,000.