October Housing Starts Beat Expectations At 628k

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There were 628k housing starts on an annualized basis in October.Analysts were expecting 605k on an annualized basis.

October starts reflect a 0.3% decline from September, which was revised down to 630k from 658k, which crushed expectations at the time.

October permits jumped 10.9% to 653k, beating the expectation for 594k.

From the Census Bureau:

BUILDING PERMITS
Privately-owned housing units authorised by building permits in October were at a seasonally adjusted annual rate of 653,000. This is 10.9 per cent (±1.6%) above the revised September rate of 589,000 and is 17.7 per cent (±3.4%) above the October 2010 estimate of 555,000.

Single-family authorizations in October were at a rate of 434,000; this is 5.1 per cent (±1.6%) above the revised September figure of 413,000. Authorizations of units in buildings with five units or more were at a rate of 202,000 in October.

HOUSING STARTS
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 628,000. This is 0.3 per cent (±10.9%)* below the revised September estimate of 630,000, but is 16.5 per cent (±10.7%) above the October 2010 rate of 539,000.

Single-family housing starts in October were at a rate of 430,000; this is 3.9 per cent (±7.5%)* above the revised September figure of 414,000. The October rate for units in buildings with five units or more was 183,000.

HOUSING COMPLETIONS
Privately-owned housing completions in October were at a seasonally adjusted annual rate of 584,000. This is 5.7 per cent (±14.9%)* below the revised September estimate of 619,000 and is 2.8 per cent (±11.0%)* below the October 2010 rate of 601,000.

Single-family housing completions in October were at a rate of 453,000; this is 7.1 per cent (±11.5%)* above the revised September rate of 423,000. The October rate for units in buildings with five units or more was 129,000.

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