Mixed Residential Construction Results, Another Lackluster Month

Posted To: MND NewsWireOctober was another mixed but largely mediocre month for residential construction . Permits were lower both on a monthly and an annual basis, while housing starts improved marginally, but only for the month. Completions also lagged earlier numbers. The Census Bureau and the Department of Housing and Urban Development said that permits were issued at a seasonally adjusted annual rate of 1,263,000 units, down 0.6 percent from the September rate of 1,270,000. The September number was revised up from the original estimate of 1,224,000. Permits in October were down 6.0 percent from the October 2017 rate of 1,343,000 units. The permitting number did come in higher than predictions of analysts polled by Econoday. They had estimated in the range of 1,224,000 to 1,285,000 with a consensus of 1,260,000…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631