US Housing Starts Fall in October; Permits Edge Lower, Completions Rise

On Friday, the US Census Bureau released its delayed new residential construction report, showing that privately owned housing starts were at a seasonally adjusted annual rate (SAAR) of 1,246,000 in October 2025. This was down 4.6% from September’s revised rate of 1,306,000 and 7.8% below the October 2024 level of 1,352,000. Single-family housing starts rose to a SAAR of 874,000 in October, up 5.4% from the revised September rate of 829,000. Starts for units in buildings with five units or more were at a rate of 347,000.

Building permits, a forward-looking indicator, were at a SAAR of 1,412,000 in October, down 0.2% from the revised September rate of 1,415,000 and 1.1% below the October 2024 level of 1,428,000. Single-family authorizations slipped 0.5% to 876,000, while permits for units in buildings with five units or more were at a rate of 481,000.

Housing completions rose to a SAAR of 1,386,000 in October, up 1.1% from September’s revised rate of 1,371,000 but down 15.3% from the October 2024 level of 1,636,000. Single-family completions increased 6.0% to 1,009,000, while completions for units in buildings with five units or more were at a rate of 367,000.