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November 17, 2021US HOUSING STARTS AND BUILDING PERMITS, OCTOBER 2021 With October reference month results, year-to-date (Jan-Oct 21 vs Jan-Oct 20) are in part showing the rebounds in economic activity from the unprecedented declines observed at the start of the COVID-19 pandemic.
BUILDING PERMITS
According to the US Census Bureau and the US Department of Housing and Urban Development, residential building permits increased 4.0% to a seasonally adjusted rate of 1,650,000 permits compared to September 2021. Single unit structures are up 2.7%, while structures with 2 to 4 units are up 8.2%, and structures with 5 units or more are up 6.5%.
Compared to October 2020, permits for single unit structures declined 6.3% while permits for structuers with 2 to 4 units decreased 11.7%, and permits for structures with 5 units or more increased 34%.
In the first ten months of 2021, residential permits were up 18.7%, with increases for single unit structures (+17.9%), those with 2 to 4 units (+10.8%) and structures with 5 or more units (+21.2%) when compared to the same period in 2020.
HOUSING STARTS
Compared to September 2021, US housing starts decreased -0.7% to a seasonally adjusted rate of 1,520,000.
Compared to the same month last year, US housing starts increased 0.4%. Starts for single unit structures decreased 10.6%, while starts for structures with 5 or more units increased 39.5%.
For the first 10 months of 2021, US housing starts were up 16.2%. Starts for single unit structures increased 16.3%, while starts for structures with 5 or more units increased 16.6%.
Source: US Census Bureau New Residential Construction
US Census Bureau - retrieved from FRED, Federal Reserve Bank of St. Louis. Monthly data
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