US October building permits 708'000, housing starts 791'000

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FOR IMMEDIATE RELEASE WEDNESDAY, NOVEMBER 19, 2008 AT 8:30 A.M. EST
CB08-168
Erica Filipek or Raemeka Mayo
Manufacturing and Construction Division
(301) 763-5160

NEW RESIDENTIAL CONSTRUCTION IN OCTOBER 2008

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for October 2008:

BUILDING PERMITS

"Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 708,000.
This is 12.0 percent (±1.8%) below the revised September rate of 805,000 and is 40.1 percent (±1.6%) below the revised October 2007 estimate of 1,182,000."

Single-family authorizations in October were at a rate of 460,000; this is 14.5 percent (±1.5%) below the September figure of 538,000. Authorizations of units in buildings with five units or more were at a rate of 218,000 in October.

HOUSING STARTS

Privately-owned housing starts in October were at a seasonally adjusted annual rate of 791,000. This is 4.5 percent (±16.0%)* below the revised September estimate of 828,000 and is 38.0 percent (±7.7%) below the revised October 2007 rate of 1,275,000.

Single-family housing starts in October were at a rate of 531,000; this is 3.3 percent (±9.5%)* below the September figure of 549,000. The October rate for units in buildings with five units or more was 247,000.

HOUSING COMPLETIONS

Privately-owned housing completions in October were at a seasonally adjusted annual rate of 1,043,000. This is 10.2 percent (±11.9%)* below the revised September estimate of 1,161,000 and is 25.6 percent (±7.3%) below the revised October 2007 rate of 1,401,000.

Single-family housing completions in October were at a rate of 760,000; this is 7.7 percent (±9.2%) below the September figure of 823,000. The October rate for units in buildings with five units or more was 269,000.

New Residential Construction data for November 2008 will be released on Tuesday, December 16, 2008, at 8:30 A.M. EST.
Our Internet site is: http://www.census.gov/newresconst

EXPLANATORY NOTES



* 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.