WASHINGTON — US Home Construction of new homes fell slightly in October after a big surge in the previous month, but the weakness was largely driven by the volatile apartment sector.
Builders started home construction at a seasonally adjusted annual rate of 1.009 million last month, the Commerce Department reported Wednesday. That was a drop of 2.8% from September when construction had jumped 7.8% to 1.038 million.
The weakness stemmed from a 15.4% plunge in apartment construction, a category that tends to have big swings from month to month. Construction of single-family homes was up 4.2%, the third gain in the past four months.
BUILDING PERMITS
Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,080,000. This is 4.8 percent (±1.3%) above the revised September rate of 1,031,000 and is 1.2% (±1.2%) above the October 2013 estimate of 1,067,000.
Single-family authorizations in October were at a rate of 640,000; this is 1.4% (±1.2%) above the revised September figure of 631,000. Authorizations of units in buildings with five units or more were at a rate of 406,000 in October.
HOUSING STARTS
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,009,000. This is 2.8% (±10.0%) below the revised September estimate of 1,038,000, but is 7.8% (±8.7%) above the October 2013 rate of 936,000.
Single-family housing starts in October were at a rate of 696,000; this is 4.2% (±8.8%) above the revised September figure of 668,000. The October rate for units in buildings with five units or more was 300,000.
HOUSING COMPLETIONS
Privately-owned housing completions in October were at a seasonally adjusted annual rate of 881,000. This is 8.8% (±14.7%) below the revised September estimate of 966,000, but is 8.1% (±13.0%) above the October 2013 rate of 815,000.
Single-family housing completions in October were at a rate of 585,000; this is 7.4% (±9.5%) below the revised September rate of 632,000. The October rate for units in buildings with five units or more was 289,000.