Housing Starts Declined 4.2% in October

Washington, DC, November 17, 2022-Privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,425,000, 4.2% below the revised September estimate of 1,488,000 and 8.8% below the October 2021 rate of 1,563,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Single‐family housing starts in October were at a rate of 855,000; this is 6.1% below the revised September figure of 911,000. The October rate for units in buildings with five units or more was 556,000.

Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,526,000. This is 2.4% below the revised September rate of 1,564,000 and 10.1% below the October 2021 rate of 1,698,000. Single‐family authorizations in October were at a rate of 839,000; this is 3.6% below the revised September figure of 870,000. Authorizations of units in buildings with five units or more were at a rate of 633,000 in October.

Privately‐owned housing completions in October were at a seasonally adjusted annual rate of 1,339,000. This is 6.4% below the revised September estimate of 1,431,000 but 6.6% above the October 2021 rate of 1,256,000. Single‐family housing completions in October were at a rate of 961,000; this is 8.3% below the revised September rate of 1,048,000. The October rate for units in buildings with five units or more was 362,000.