Home building slows in October

Month-over-month and year-over-year rates have fallen, marking a further slowdown in housing activity

WASHINGTON — Month-over-month and year-over-year building permits and housing starts fell during the month of October, indicating a further slowdown in housing activity as reported by the U.S.  Census Bureau and the U.S. Department of Housing and Urban Development.

October building permits for privately owned housing units fell 2.4% to a seasonally adjusted rate of 1,526,000, from 1,564,000 in September. Year over year, they fell 10.1% below the October 2021 rate of 1,698,000.

Housing starts fell 4.2% to 1,425,000 compared to 1,488,000 in September. They fell 8.8% from 1,563,000 in October 2021. Single-family housing starts fell 6.1% to 855,000 from 911,000 in September, while the October rate for buildings with five or more units was 556,000.

Meanwhile, housing completions for the month of October were 1,339,000, down 6.4% from 1,431,000 in September, but 6.6% above the October 2021 rate of 1,256,000. Single-family housing completions fell 8.3% in October, to 961,000, from 1,048,000 in September. The rate for buildings with five or more units was 362,000.  

The overall number of building permits for residential properties issued in the month of October was the highest in the South, at 867,000, followed by 330,000 in the West, 209,000 in the Midwest and 120,000 in the Northeast.  The West saw the biggest drop from September and largest drop year over year (12.9% and 24.1% respectively), followed by the Northeast (down 7% and 11.8%, respectively), the Midwest (0% and down 10.3%) and the South (up 2.4% and down 3%).

October housing starts were highest in the South, at 808,000 units, followed by 336,000 in the West, 185,000 in the Midwest and 96,000 in the Northeast. The biggest declines month over month and year over year respectively were in the Northeast (down 34.7% and 15.8% respectively), the Midwest (down 11.1% and 13.6%), the West (down 10.6% and 19.6%) and the South, (up 6.7% and down 1.1%).

The number of units completed during the month of October was the highest in the South, at 703,000 units, followed by 357,000 in the West, 177,000 in the Midwest and 102,000 in the Northeast. The biggest declines month over month and year over year were in the Northeast (down 16.4%  and 11.3%, respectively), the Midwest (down 14.5% and up 3.5%), the South (down 6.3% and up 9%) and the West, up 1.4% and up 9.8%).

Thomas Russell

Home News Now Editor-in-Chief Thomas Russell has covered the furniture industry for 25 years at various daily and weekly consumer and trade publications. He can be reached at tom@homenewsnow.com and at 336-508-4616.

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