Housing Starts Jump 6.4 Percent In October 11/18/2004
The Census Bureau and HUD announced today that overall privately-owned housing starts in October were at a seasonally adjusted annual rate of 2,027,000, 6.4 percent above the revised September estimate of 1,905,000.
Single family starts were a bit more modest at 1,645,000—5.7 percent above the September figure of 1,556,000.
“This expected rebound virtually ensures that home builders will set a new record for single-family home production in 2004, and is an excellent sign of continued momentum in the overall housing market,” said Bobby Rayburn, president of the National Association of Home Builders (NAHB) and a home and apartment builder from Jackson, Miss.
Regionally, starts posted the biggest gain, of 20 percent, in the Northeast, followed by an 8.6 percent boost in the Midwest, a 5.0 percent lift in the West and a 4.0 percent improvement in the South.
Overall privately-owned building permits issued in October were up slightly over September numbers, with 1,984,000 pulled permits. This figure marked a 0.7 percent increase. Single family authorizations, however, declined 2.2 percent over month earlier figures.
Multifamily permits rose 4.6 percent. |
