by Bill McBride on 11/20/2012 08:30:00 AM
Tuesday, November 20, 2012
From the Census Bureau: Permits, Starts and Completions
Housing Starts:Click on graph for larger image.
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.
This shows the huge collapse following the housing bubble, and that total housing starts have been increasing lately after moving sideways for about two years and a half years.
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 ...
Posted by Bill McBride on 11/20/2012 08:30:00 AM