US housing starts for October 1 311M vs 1.330M estimate

• Housing starts 1.311M vs 1.330M estimate. Prior month 1.354M last month revised to 1.353M
• Building permits 1.416M vs 1.430M estimate. Prior month 1.428M last month.

Building Permits

• Privately-owned housing units authorized: 1,416,000 (seasonally adjusted annual rate) vs 1,430,000 estimate

• 0.6% below revised September rate (1,425,000)

• 7.7% below October 2023 rate (1,534,000)

• Single-family authorizations: 968,000

• Authorizations of units in buildings with five units or more: 393,000

Housing Starts

• Privately-owned housing starts: 1,311,000 (seasonally adjusted annual rate) vs 1,330,000 estimate

• 3.1% below revised September estimate (1,353,000)

• 4.0% below October 2023 rate (1,365,000)

• Single-family housing starts: 970,000

• Units in buildings with five units or more: 326,000

Housing Completions

• Privately-owned housing completions: 1,614,000 (seasonally adjusted annual rate)

• 4.4% below revised September estimate (1,688,000)

• 16.8% above October 2023 rate (1,382,000)

• Single-family housing completions: 986,000

• Units in buildings with five units or more: 615,000

Building permits (-7.7%) and housing starts (-4.0%) remain below year-ago levels in an industry that suffers from not having enough supply.

Despite that, completions are higher versus a year ago (16.8%). Go figure.

This article was written by Greg Michalowski at www.forexlive.com.