Building Permits Surge is All Multi-Family
Jann Swanson | Mortgage News Daily | Nov 26 2013 | link
The Census Bureau and the Department of Housing and Urban Development are still playing catch-up from the government shutdown that squashed data reports through much of October. Today they issued a combined September-October report on permits authorized for residential construction but have delayed the information on housing starts and housing completions that is usually a part of their residential construction summary until December 18.
Permits for residential construction issued in September were at a seasonally adjusted rate of 974,000, a 5.2 percent increase from the 926,000 permits reported in August. The August number was revised upward from the 918,000 permits originally reported.
Permits in October were stronger still, at a seasonally adjusted rate of 1,034,000, an increase of 6.2 percent over September and 13.9 percent above the 908,000 permits issued in October 2012.
Single family permits in September were at a rate of 615,000 compared to 627,000 in August. Single family permits in October were at a rate of 620,000, an increase of 0.8 percent. October’s number was 8.8 percent higher than that of a year earlier. Multifamily permitting accounted for all of the gains, with September and October at rates of 359,000 3414,000 units respectively. October represents a whopping 24 percent increase from a year earlier.