New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)
The New Residential Construction report by the U.S. Census Bureau showed housing starts and building permits posted extremely strong gains in October.
Building Permits (Forecast: 1,125,000)
Privately-owned housing units authorized by building permits in October came in at a seasonally adjusted annual rate of 1,297,000, 5.9% (±1.4%) higher than the revised September rate of 1,225,000 and 0.9% (±1.6%)* higher than the rate of 1,285,000 a year ago. Single-family authorizations in October were at a rate of 839,000; this is 1.9% (±1.7%) higher than the revised September figure of 823,000.
Authorizations of units in buildings with five units or more were at a rate of 416,000 in October.
Housing Starts (Forecast: 1,190,000)
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,290,000, a whopping 13.7% (±10.5%) higher than the revised estimate of 1,135,000 in September. However, it is 2.9% (±10.1%)* lower than the October 2016 rate of 1,328,000. Single-family housing starts in October came in at a rate of 877,000, or 5.3% (±12.1%) higher than the revised September figure of 833,000.
The October rate for units in buildings with five units or more was 393,000.
Housing Completions
Privately-owned housing completions in October were at a seasonally adjusted annual rate of 1,232,000, or 12.6% (±12.2%) higher than the revised September estimate of 1,094,000. It’s 15.5% (±11.7 percent) above the October 2016 rate of 1,067,000. Single-family housing completions in October were at a rate of 793,000, or 2.6% (±11.1 percent) higher than the revised September rate of 773,000.
The October rate for units in buildings with five units or more was 433,000.
