Housing starts increased 1.9% to a seasonally adjusted annual rate of 1.48 million in October, the U.S. Census Bureau announced.
The rate was 4.2% below the October 2022 rate.
“Despite higher interest rates in October, the lack of existing home inventory supported demand for new construction in the fall,” stated Alicia Huey, chairman of the National Association of Home Builders. “Builders continue to grapple with elevated construction costs and growing concerns about regulatory costs."
Regionally, month-over-month, housing starts grew 4.7% in the West and 5.2% in the Midwest. Housing starts fell 24.5% in the Northeast and 8.1% in the South.
Building permits grew 1.1% from September but were down 4.4% year-over-year. Housing completions declined 4.6% from September to a seasonally adjusted annual rate of 1.41 million.
The full U.S. housing report can be found here.