New Residential Building Permits: Up 4% in October

The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for October new residential building permits. The latest reading of 1.650M was up 4.04% from the September reading and is above the forecast of 1.638M.

Here is the opening of this morning's monthly report, including a note regarding revisions:

Building Permits

Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,650,000. This is 4.0 percent (±1.5 percent) above the revised September rate of 1,586,000 and is 3.4 percent (±1.6 percent) above the October 2020 rate of 1,595,000. Single‐family authorizations in October were at a rate of 1,069,000; this is 2.7 percent (±1.2 percent) above the revised September figure of 1,041,000. Authorizations of units in buildings with five units or more were at a rate of 528,000 in October. [link to report]

Here is the complete historical series, which dates from 1960. Because of the extreme volatility of the monthly data points, a 6-month moving average has been included.