Housing starts failed to meet expectations in October, according to the latest data from the Census Bureau and HUD…(Census Bureau)
- Privately‐owned housing starts in October fell 0.7% to 1,520,000 which is up 0.4% when compared to the same time one year ago.
- Single‐family housing starts saw a bigger decline in October falling 3.9% to 1,039,000.
SWING & A MISS: Economists were projecting a slight increase in total starts to 1.576M.
It wasn’t all negative news as building permits saw a 4.0% jump to 1.65M which beat projections of smaller increase to 1.638M. Building permits were also up 3.4% when compared to October 2020.
- Single‐family housing permits were also in positive territory with a 2.7% increase to 1,069,000
Housing completions were virtually unchanged from the September estimate of 1,242,000, but is down a pretty big 8.4% from the same time one year ago.
- Single‐family housing completions were down 1.7% to a rate of 929,000.
REMINDER: The jump in building permits echoes data from yesterday that showed home builder confidence jumping to a 5-month high yesterday…(NAHB)