Housing Starts Fall 14.6% in Oct. to Lowest Level in 6 Years

Housing starts in October fell 14.6% in vs. September to a seasonally adjusted annual rate of 1,486,000. This is 27.4% below the October 2005 rate of 2,046,000, according to the U.S. Census Bureau. This is the lowest level of housing construction in more than six years, driven by a 26.4% decline in the South, 11.7% fall in the Midwest and 2.1% decline in the West.

Single-family housing starts in October were at a rate of 1,177,000, a fall of 15.9% from the September figure of 1,400,000. 

BUILDING PERMITS: New houses authorized by building permits in October were at a seasonally adjusted annual rate of 1,535,000, a decline of 6.3% from the September rate of 1,638,000 and is 28.0% below the October 2005 estimate of 2,131,000.

Single-family authorizations in October were at a rate of 1,173,000, a decline of 3.8% below the September figure of 1,219,000. 

HOUSING COMPLETIONS: Privately-owned housing completions in October were at a seasonally adjusted annual rate of 1,953,000, a decline of 3.8% from the September estimate of 2,031,000 and is 0.7% below the October 2005 rate of 1,967,000.

Single-family housing completions in October were at a rate of 1,561,000, a decline of 8.3% below the September figure of 1,702,000.  

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