Building Permits Rise but Construction Slows

Building permits were issued at arnseasonally adjusted annual rate of 653,000 in October, 10.9 percent above the downwardlyrnrevised (from 594,000) September rate of 589,000.  This is 17.5 percent higher than the rate ofrn555,000 permits issued in October 2010.</p

Permits for single-family housesrnrepresented 434,000 of the permits, an increase of 5.1 percent over the revisedrnSeptember estimate of 413,000.  Permitsrnfor units in buildings with five or more units were issued at an annual rate ofrn202,000.</p

Construction began on privately-ownedrnhousing units at a seasonally adjusted annual rate of 628,000, 0.3 percentrnbelow the revised September estimate of 630,000 and 16.5 percent higher thanrnthe rate of 539,000 one year earlier. rnSeptember starts were originally estimated at 658,000.</p

Building Permits
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Single-family housing starts were at anrnannual rate of 430,000, up 3.9 percent from the revised September figure ofrn414,000.  The annual rate of multi-familyrnconstruction is 183,000 units.</p

Housing units were completed at a raternof 584,000, down 5.7 percent from September which was revised downward fromrn647,000 to 619,000 and 2.8 percent below the October 2010 rate of 601,000.</p

On a regional basis, the South saw arnsurge of 21.5 percent in authorized permits in September and an increase ofrn30.1 percent from one year earlier.  ThernWest was also up, 5.4 percent month-to-month and 24.5 percent year-to-year.  The Northeast was down 1.6 percent sincernSeptember and 3.1 percent from one year earlier and the Midwest had a change ofrn-3.7 percent and -7.2 percent for the two periods.</p

The Northeast had the greatest increasernin starts, up 17.2 percent from September but down a nearly identical amountrnfrom one year earlier.  The Midwest sawrnan increase of 9.7 percent from September and 7.4 percent annually and startsrnin the South increased 1.6 percent since last month and 23 percent from onernyear earlier.  The West, while droppingrn16.2 percent from September, remained 36.1 percent above levels a year earlier.</p

There are 419,000 privately-ownedrnhousing units under construction nationally; 236,000 single-family units andrn173,000 units in buildings with five units or more.  The South accounts for 171,000 of the totalrnand 63 percent or 109,000 of the multi-family units.  Eighty-eight thousand units are underrnconstruction in the Northeast, 97,000 in the West and 63,000 in the Midwest.</p

There are 76,100 permits that have beenrnissued nationally but under which construction has not yet begun.  More than half (39,200) of these permits arernlocated in the South.</p

Housing Starts</p

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