Permits hit the million mark, starts data delayed
After a delay of several weeks in the aftermath of the government shutdown, the U.S. Census Bureau has finally released building permits data for September and October -- both show strong growth.
However, an accurate count of housing starts will be further delayed until Dec 18.
"The lapse in federal funding affected the data collection schedule for the Survey of Construction, the source of data on new housing units started and completed," read the Census Bureau release. "Accurate data collection for September and October could not be completed in time for this release."
Of the data that was reported, the upward trend in authorized building permits suggests a healthy season for new residential construction. Privately owned housing units authorized by permits in October were at a seasonally adjusted annual rate of 1.03 million, up 6.2% from September's rate of 974,000, which is also well above August's official housing starts figure of 891,000. October's estimate also showed strong year-over-year growth of 13.9%.
Meanwhile, single-family authorizations in October came in at 620,000, 0.8% higher than that of September.
Housing starts data released in December will account for September, October and November.