Housing starts steady in October

Nov. 17, 2011 at 11:31 AM
| License Photo

WASHINGTON, Nov. 17 (UPI) -- New home construction in the United States dropped 0.3 percent in October compared with September, the Commerce Department said Thursday.

Housing starts fell to a seasonally adjusted annual rate of 628,000, compared with a revised figure for September of 630,000.

The rate of privately owned housing starts, at 430,000, is 3.9 percent above the revised September rate of 414,000 housing starts.

Permits issued for privately owned housing units rose 10.9 percent month to month to an annual rate of 653,000. A year earlier in October, the annual rate stood at 555,000 permits.

Permits issued are an indicator of what direction construction starts might take one or two months down the road.

Completed housing projects in October were estimated at a seasonally adjusted annual rate of 584,000, which is 5.7 percent below the revised figure for September of 619,000 and 2.8 percent below October 2010.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Hess completes Bakken joint venture
Brazil orders search-and-rescue aircraft
Whole Foods apologizes for overcharging customers
BP settles with U.S. coastal states for $18.7 billion