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Housing Starts Flatten, Permits Promise Future Improvement; Rates Catch a Break

Housing Starts Flatten, Permits Promise Future Improvement; Rates Catch a Break

Residential construction numbers were mixed in October. The U.S. Census Bureau and Department of Housing and Urban Development report an increase in construction permits but a small decline in construction starts. Overall, however, both single-family and multi-family production are running well ahead of their 2020 results. Permits for residential construction were issued at a seasonally adjusted annual rate of 1.650 million compared to 1.586 million in September, an increase of 4.0 percent. The September rate was a slight downward adjustment from the 1.589 million units originally reported. The October permit rate was 3.4 percent above the pace in October 2020. Permitting activity was at the top of the range of forecasts from analysts polled by Econoday. Those estimates ranged from 1.585 to
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