Economy
October US housing starts inch higher but remain down on-year
Written by Laura Miller
November 21, 2023
US housing starts crept higher for a second consecutive month in October. Starts were lower, however, than the same month last year, according to the most recent data from the US Census Bureau.
Total privately owned housing starts were at a seasonally adjusted annual rate of (SAAR) of 1.372 million in September, a 1.2% rise over the revised September estimate of 1.346 million, Census said. Compared to October 2022, starts were down 4.2%.
While single-family starts of 970,000 in October crept up by just 0.2% from the month prior, multi-family starts saw a 6.3% month-on-month (MoM) rise.
Regionally, the Midwest and West saw positive MoM growth, with starts rising by 28.4 and 12.4%, respectively. Starts were down 14.4% in the Northeast and 6.8% in the South.
On a three-month moving average (3MMA) basis, year-on-year growth in single-family starts was up 8.1% in October. October was the third month in a row to see positive YoY growth. Prior to that, growth had been negative for 13 months. Growth in multi-family starts is down 35%—that’s the lowest rate of growth since 2021.
“Despite higher interest rates in October, the lack of existing home inventory supported demand for new construction in the fall,” Alicia Huey, chairman of the National Association of Home Builders (NAHB), said in a statement.
“The construction data in October continue to reflect that despite multi-decade lows for housing affordability, the market continues to lack attainable inventory that only the home-building industry can provide,” added NAHB chief economist Robert Dietz.
The NAHB predicts increases in single-family home building in the coming months and “an outright gain for construction in 2024.”
Laura Miller
Read more from Laura MillerLatest in Economy
Second steel derivatives S232 inclusion window opens, business community voices concern
The US Department of Commerce announced that its second window for submitting applications for the inclusion of derivative steel and aluminum products in Section 232 tariffs is now open, according to the US Federal Register. September’s Inclusion Window Sept. 15 through Sept. 29, applicants can email requests for inclusions to the Defense Industrial Base Programs. The first […]
Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.
ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.