New Residential Housing Improves in October
Single family housing permits, starts and completions all climb over September.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for October 2011:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 653,000. This is 10.9 percent (±1.6%) above the revised September rate of 589,000 and is 17.7 percent (±3.4%) above the October 2010 estimate of 555,000.
Single-family authorizations in October were at a rate of 434,000; this is 5.1 percent (±1.6%) above the revised September figure of 413,000. Authorizations of units in buildings with five units or more were at a rate of 202,000 in October.
HOUSING STARTS
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 628,000. This is 0.3 percent (±10.9%)* below the revised September estimate of 630,000, but is 16.5 percent (±10.7%) above the October 2010 rate of 539,000.
Single-family housing starts in October were at a rate of 430,000; this is 3.9 percent (±7.5%)* above the revised September figure of 414,000. The October rate for units in buildings with five units or more was 183,000.
HOUSING COMPLETIONS
Privately-owned housing completions in October were at a seasonally adjusted annual rate of 584,000. This is 5.7 percent (±14.9%)* below the revised September estimate of 619,000 and is 2.8 percent (±11.0%)* below the October 2010 rate of 601,000.
Single-family housing completions in October were at a rate of 453,000; this is 7.1 percent (±11.5%)* above the revised September rate of 423,000. The October rate for units in buildings with five units or more was 129,000.
