by Bill McBride on 11/20/2012
From the Census Bureau: Permits, Starts and Completions
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 894,000. This is 3.6 percent above the revised September estimate of 863,000 and is 41.9 percent above the October 2011 rate of 630,000.
Single-family housing starts in October were at a rate of 594,000; this is 0.2 percent below the revised September figure of 595,000. The October rate for units in buildings with five units or more was 285,000.
Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 866,000. This is 2.7 percent below the revised September rate of 890,000, but is 29.8 percent above the October 2011 estimate of 667,000.
Single-family authorizations in October were at a rate of 562,000; this is 2.2 percent above the revised September figure of 550,000. Authorizations of units in buildings with five units or more were at a rate of 280,000 in October.
The first graph shows single and multi-family housing starts for the last several years.
Total housing starts were at 894 thousand (SAAR) in October, up 3.6% from the revised September rate of 863 thousand (SAAR). Note that September was revised down from 872 thousand.
Single-family starts decreased slightly to 594 thousand in October.
The second graph shows total and single unit starts since 1968.
Total starts are up about 87% from the bottom start rate, and single family starts are up about 70% from the low.
This was above expectations of 840 thousand starts in October. This was mostly because of the volatile multi-family sector that increased sharply in October. However single family starts have increased recently too. Right now starts are on pace to be up about 25% from 2011. I’ll have more soon …