Housing Starts at Fastest Pace in 4 Years, Permits Down Slightly

by devteam November 20th, 2012 | Share

Permits for new residential constructionrnwere issued at a lower rate in October than in September according to thernmonthly report issued on Tuesday by the U.S. Census Bureau and the Departmentrnof Housing and Urban Development. rnBuilding permits were issued at a seasonally adjusted annual rate of 866,000,rndown 2.7 percent from September’s rate of 890,000, but 29.8 percent higher thanrnthe October 2011 estimate of 667,000. rnThe September rate was adjusted downward from an original estimate of 894,000.</p

During the month there were 562,000rnpermits issued for single family construction, 2.2 percent above the Septemberrnestimate of 550,000.  The Septemberrnnumber is an upward revision from the 545,000 originally reported.  Multifamily units were permitted at a rate ofrn280,000 in October compared to a downwardly revised 313,000 units in October.   </p

Housing starts were at a rate ofrn894,000, an increase of 3.6 percent from the revised September estimate of 863,000rnand 41.9 percent higher than the rate one year earlier of 630,000.  September’s figure is a downward revisionrnfrom the 872,000 reported last month.</p

Single family units were started at arnrate of 594,000, a 0.2 percent decrease from September’s 595,000 (revised fromrn603,000).  Multi-family starts numberedrn285,000 compared to 259,000 in September.</p

Privately owned housing units wererncompleted at a seasonally adjusted annual rate of 772,000, a 14.5 percentrnincrease from 674,000 in September.  Thernoriginal September estimate was 683,000 units. Single family units wererncompleted at a rate of 542,000, a 3.4 percent increase and multi-family unitsrnat a rate of 226,000 compared to 145,000 in September.</p

Permits in the Northeast were down 12.5rnpercent from the previous month and starts were down 6.5 percent.  In the Midwest the change was +4.1 percentrnand 8.9 percent respectively.  Permittingrnwas essentially unchanged in the South and starts decreased by 2.5 percent.  In the West permitting was down 10.7 percentrnbut starts increased 17.2 percent.</p

At the end of the period there were 517,000rnunits under construction across the U.S. with 233,000 of them in buildings withrn5 units or more.  </p

Building Permits

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Housing Starts</p

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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