Multifamily Drop Pushes Housing Starts Down 11 Percent in October, Permits Rise
The National Association of Homebuilders yesterday announced that nationwide housing starts, led by a steep drop in multifamily production, fell 11 percent to a seasonally adjusted annual rate of 1.06 million units in October, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department. Multifamily starts declined 25.1 percent to a seasonally adjusted annual rate of 338,000 units while single-family production edged down 2.4 percent to 722,000 units. Both sectors posted permit gains.
“The fact that permits are rising is consistent with our builders’ continued optimism in the housing market,” said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo. “Even though starts dropped in October, they have stayed above the one million mark for seven straight months — the longest streak in almost seven years.”