WASHINGTON — The U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported a drop in residential building permits as well as home construction started and completed in October 2024.

Building permits
Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,416,000. This is 0.6 percent below the revised September rate of 1,425,000 and 7.7 percent below the October 2023 rate of 1,534,000. Single-family authorizations in October were at a rate of 968,000; this is 0.5 percent above the revised September figure of 963,000. Authorizations of units in buildings with five units or more were at a rate of 393,000 in October.

Housing starts
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,311,000. This is 3.1 percent (±11.6 percent) below the revised September estimate of 1,353,000 and is 4.0 percent (±9.0 percent) below the October 2023 rate of 1,365,000. Single-family housing starts in October were at a rate of 970,000; this is 6.9 percent (±11.7 percent) below the revised September figure of 1,042,000. The October rate for units in buildings with five units or more was 326,000.

Housing completions
Privately-owned housing completions in October were at a seasonally adjusted annual rate of 1,614,000. This is 4.4 percent (±12.7 percent) below the revised September estimate of 1,688,000, but is 16.8 percent (±13.0 percent) above the October 2023 rate of 1,382,000. Single-family housing completions in October were at a rate of 986,000; this is 1.4 percent (±11.7 percent) below the revised September rate of 1,000,000. The October rate for units in buildings with five units or more was 615,000.