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November 17, 2023US HOUSING STARTS AND BUILDING PERMITS, OCTOBER 2023 Month over month (October 2023 vs September 2023, seasonally adjusted annualized rates)
US housing starts increased 1.9% to a seasonally adjusted annualized rate of 1,372,000 units. There was increase in single unit starts (+0.2%) and an increase in multi-unit starts (+4.9%). The number of residential building permits increased 1.1% to a seasonally adjusted annualized rate of 1,487,000 units. Permits were up for single dwellings (+0.5%), up for structures with 2-4 dwellings (+2.0%), and up for multi-unit structures with more than 5 dwellings (+2.2%).
Year over year (October 2023 vs October 2022, seasonally adjusted annualized rates)
Compared to October 2022, US housing for starts were down 4.2%, with increases in single dwelling starts (+13.1%) and a decline in multi-unit dwelling starts (-31.8%). Residential building permits were down 4.4%, with increases in single units (+13.9%), declines in structures with 2-4 dwellings (-9.1%) and declines in structures with 5 or more dwellings (-27.8%).
Year to date (January-October 2023 vs January-October 2022)
Year-to-date housing starts have averaged 11.7% lower in the first ten months of 2023 than in the same period of 2022. Starts for single dwellings fell 11.6% and multi-unit dwellings starts were down 11.6%. Residential building permits declined by 15.2% with year-to-date declines in all categories: single dwellings (-12.8%), structures with 2-4 dwellings (-5.9%) and structures with 5 or more dwellings (-19.9%).
Source: US Census Bureau New Residential Construction, retrieved from Federal Reserve Bank of St. Louis using a FRED API.
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