Landscape Architect Articles

Housing Starts, Permits Issued Fall in October 11-21-08 | News

Housing Starts, Permits Issued Fall in October

Despite gains in the West and South, housing starts dropped to the slowest pace since 1981 in October. In addition, the issuance of building permits was down across the board in October.

In a sign of continuing housing market woes, the pace of new construction and permit issuance in October fell to the lowest levels for any single month on record, according to the Commerce Department.

?EUR??,,????'?????<

Overall housing starts declined 4.5 percent to a seasonally adjusted annual rate of 791,000 units in October. Single-family starts declined for a fifth consecutive month, by 3.3 percent to 531,000 units, which was the slowest pace since October of 1981. Multifamily starts fell 6.8 percent to 260,000 units.

Two out of four regions posted double-digit declines in housing starts for October, including the Northeast?EUR??,,????'?????<

Issuance of building permits, which can be an indicator of future building activity, was down across the board in October. Total permits registered a sharp 12 percent decline to 708,000 units ?EUR??,,????'?????<

Regionally, permit issuance fell 23.7 percent in the Northeast, 3.7 percent in the Midwest, 13.5 percent in the South and 8.8 percent in the West.

Sources: Commerce Department, NAHB