Housing Starts Declined 3.1% in October

Washington, DC, November 19, 2024-Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,311,000, 3.1% below the revised September estimate of 1,353,000 and 4.0% below the October 2023 rate of 1,365,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced.

Single-family housing starts in October were at a rate of 970,000; this is 6.9% below the revised September figure of 1,042,000. The October rate for units in buildings with five units or more was 326,000.

Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,416,000. This is 0.6% below the revised September rate of 1,425,000 and is 7.7% below the October 2023 rate of 1,534,000. Single-family authorizations in October were at a rate of 968,000; this is 0.5 percent above the revised September figure of 963,000. Authorizations of units in buildings with five units or more were at a rate of 393,000 in October.

Privately-owned housing completions in October were at a seasonally adjusted annual rate of 1,614,000. This is 4.4% below the revised September estimate of 1,688,000 but is 16.8% above the October 2023 rate of 1,382,000. Single-family housing completions in October were at a rate of 986,000; this is 1.4% below the revised September rate of 1,000,000. The October rate for units in buildings with five units or more was 615,000.