Permits for new residential construction
were issued at a lower rate in October than in September according to the
monthly report issued on Tuesday by the U.S. Census Bureau and the Department
of Housing and Urban Development.
Building permits were issued at a seasonally adjusted annual rate of 866,000,
down 2.7 percent from September's rate of 890,000, but 29.8 percent higher than
the October 2011 estimate of 667,000.
The September rate was adjusted downward from an original estimate of 894,000.
During the month there were 562,000
permits issued for single family construction, 2.2 percent above the September
estimate of 550,000. The September
number is an upward revision from the 545,000 originally reported. Multifamily units were permitted at a rate of
280,000 in October compared to a downwardly revised 313,000 units in October.
Housing starts were at a rate of
894,000, an increase of 3.6 percent from the revised September estimate of 863,000
and 41.9 percent higher than the rate one year earlier of 630,000. September's figure is a downward revision
from the 872,000 reported last month.
Single family units were started at a
rate of 594,000, a 0.2 percent decrease from September's 595,000 (revised from
603,000). Multi-family starts numbered
285,000 compared to 259,000 in September.
Privately owned housing units were
completed at a seasonally adjusted annual rate of 772,000, a 14.5 percent
increase from 674,000 in September. The
original September estimate was 683,000 units. Single family units were
completed at a rate of 542,000, a 3.4 percent increase and multi-family units
at a rate of 226,000 compared to 145,000 in September.
Permits in the Northeast were down 12.5
percent from the previous month and starts were down 6.5 percent. In the Midwest the change was +4.1 percent
and 8.9 percent respectively. Permitting
was essentially unchanged in the South and starts decreased by 2.5 percent. In the West permitting was down 10.7 percent
but starts increased 17.2 percent.
At the end of the period there were 517,000
units under construction across the U.S. with 233,000 of them in buildings with
5 units or more.