As construction supply chains continue to hit roadblocks, new housing starts were down in October, according to the U.S. Census Bureau.
Per the agency’s monthly report, privately owned construction starts dipped 0.7 percent in October to a seasonally adjusted annual rate of 1,520,000, compared to the month prior. Single-family housing starts dropped 3.9 percent from September to a rate of 1,039,000.
Compared to October 2020, privately owned housing starts were up 0.4 percent.
While starts may have slowed, permitting is up, according to the Census Bureau. Permits for privately owned units increased 4 percent from September to a seasonally adjusted annual rate of 1,650,000. Single-family permits were also up some 2.7 percent from September to a rate of 1,069,000.
In part due to the aforementioned supply challenges, construction competitions were down 8.4 percent compared to October 2020.