Industry News

Housing starts drop in October

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The rate of housing starts and building permit authorizations dropped slightly in October 2005 compared to October 2004 levels, the U.S. Census Bureau and U.S. Department of Housing and Urban Development announced today. Privately owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 2,071,000, which is about 6.7 percent below the revised September rate of 2,219,000 and is about 1.1 percent below the October 2004 estimate of 2,093,000. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, factoring in seasonal fluctuations in statistics. Single-family authorizations in October were at a rate of 1,681,000, or about 4.9 percent below the September figure of 1,767,000. Authorizations of units in buildings with five units or more were at a rate of 306,000 in October. Privately owned housing starts in October were at a seasonally adjusted annual rate of 2,014,000, or about 5.6 percent b...