The Real Deal Miami

Housing starts fall in October

November 17, 2010 12:06PM

Housing starts declined in October, while predictions for future building permits rose, according to data released today by the U.S. Department of Commerce. Privately owned housing starts in October were at a rate of 519,000, 11.7 percent below the September estimate of 588,000, and 1.9 percent below the October 2009 rate of 529,000. Single-family housing starts in October were at a rate of 436,000, 1.1 percent below the September figure. Building permits in October 2010 were 550,000, up .5 percent from September but down 4.5 percent from October 2009. “While recent months have shown increases in housing activity, today’s
data reminds us that employment and incomes must continue to strengthen
before the housing market is likely to show sustainable growth,” said
Gary Locke, secretary of the commerce department. “The backlog of homes
under construction has been greatly reduced, however, which is a
positive sign for future construction growth.” TRD