Industry News

Single-family starts, permits hit 16-year low

Building-permit rate falls for fifth month in October

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The rate of U.S. single-family housing starts and single-family units authorized by building permits dropped to the lowest level since 1991 in October, the U.S. Census Bureau and the Department of Housing and Urban Development announced today. The seasonally adjusted annual rate of single-family housing starts dropped to 884,000 in October, down about 21.5 percent compared to October 2006. It was the lowest level since single-family starts dropped to a rate of 878,000 in October 1991. The seasonally adjusted rate is a projection of a monthly total over a 12-month period, adjusted to account for seasonal fluctuations in construction activity. Total housing starts, including single-family starts and starts for structures with two or more units, dropped to a rate of 1.23 million in October, down about 16.4 percent compared to October 2006. Single-family building-permit authorizations dropped to a seasonally adjusted annual rate of 807,000 in October, down about 31 percent com...