Building Permits Up, Housing Starts and Completions Lower in October

The U.S. Census Bureau reported on Wednesday (11-17-21) that privately‐owned housing starts in October were at a seasonally adjusted annual rate (SAAR) of 1,520,000. This is -0.7% below the revised September rate of 1,530,000 but is 0.4% above the October 2020 rate of 1,514,000. Single-family housing starts in October were at a rate of 1,039,000; this is -3.9% below the revised September figure. The October rate for units in buildings with five units or more was 470,000.

Building permits are the forward-looking portion of the report, and in October privately-owned housing units authorized by building permits were at a SAAR of 1,650,000. This is 4.0% above the revised September rate of 1,586,000 and is 3.4% above the October 2020 rate of 1,595,000. Single-family authorizations in October were at a rate of 1,069,000; this is 2.7% above the revised September figure of 1,041,000. Authorizations of units in buildings with five units or more were at a rate of 528,000.

Privately‐owned housing completions were at a seasonally adjusted annual rate of 1,242,000. This is virtually unchanged from the revised September estimate of 1,242,000 but is -8.4% below the October 2020 rate of 1,356,000. Single‐family housing completions in October were at a rate of 929,000; this is -1.7% below the revised September rate of 945,000. The October rate for units in buildings with five units or more was 302,000.