Features
Housing starts moved lower again in October
Written by David Schollaert
November 19, 2024
US housing starts moved lower through October, declining for a second straight month after peaking in August, according to the latest data release from the US Census Bureau.
Total housing starts stood at a seasonally adjusted annual rate (SAAR) of 1.31 million units in October, a 3.1% dip from September’s 1.35 million units.
At the same time, the overall number of privately owned housing units authorized by building permits slipped 0.6% from September to October to a SAAR of 1.416 million units. That figure is also 7.7% below October 2023. Single-family building permits were 0.5% higher m/m at 963,000 units. Multi-family permits eased 3% from September to 393,000 units.
Single-family starts
Single‐family starts in October totaled 970,000 units, down 6.9% from the upwardly revised September figure of 1.042 million units. Multi-family starts declined 9.8% month on month (m/m) to 326,000 units.
“Although housing starts declined in October, builder sentiment improved for a third straight month in November as builders anticipate an improved regulatory environment in 2025 that will allow the industry to increase housing supply,” Carl Harris, chairman of the National Association of Home Builders (NAHB), said in a statement.
He attributed anticipated growth in 2025 to lower interest rates and improved lending conditions due to additional interest rate cuts by the Federal Reserve.
Regional starts
Regionally, total housing starts were largely down across the nation from September to October, except in the Northeast, which recorded a 10.4% gain m/m. The Midwest posted a reduction 1.7%, the West was down 4.4%, and the South was off 5% because of hurricanes.
For a history of monthly housing start and building permit figures, visit the Housing Data page on our website.
David Schollaert
Read more from David SchollaertLatest in Features
Price on Trade: Trump tariffs are no negotiating tool – and could come at lightning speed
We focused on trade actions the second Trump administration might take in a prior column. Since then, we have learned more about the individuals who will be leading these efforts. Recent nominations reinforce the president-elect’s statements that tariffs will feature prominently in the second administration and that trade actions will be unveiled at lightning speed.
Leibowitz on Trade: More tariffs on steel, aluminum could cost consumers a lot
Transition to a new administration is always uncertain. This one is more uncertain than most.
U.S. Steel says OCTG duty adjustment is too low
A newly adjusted anti-dumping duty on imports of oil country tubular goods (OCTG) from Argentina is too low, according to U.S. Steel. This past week, the Department of Commerce released the preliminary results of annual AD duty order reviews on OCTG from both Argentina and Mexico. It is reviewing imports during the one-year period that […]
US rig count rises, Canada count falls
The US drill rig count increased by seven this week, while the Canadian count dropped by 11, according to the latest data from Baker Hughes.
Canada sees Chinese steel, ali imports falling ~50% on tariffs
The Canadian government estimates steel and aluminum imports from China will decrease by nearly 50% due to newly implemented tariffs.