Article Attachment

The attached file contains this articles commentary as well as tables and charts of the data.
Download Attachment

Housing Starts: Slower To Start 4th Quarter

November 17, 2021
Bottom Line:  After falling in the final months of the 3rd Quarter, housing starts fell further in the first month of the 4th Quarter. Coming in well below expectations for a modest bounce in October, starts in September were also revised lower. Single-family sales were even weaker than the headline suggested, down nearly 4% on the month, as multifamily starts rebounded sharply. While the trend was mixed after six-plus months of sideways to slightly slower activity, the overall level of starts remained robust relative to post-GFC history. Building permits were also higher, suggesting a potential rebound in the last few months of the Quarter. Overall, the growth tailwind from housing has faded, but the sector is unlikely to turn into a drag on the economy as activity remains historically robust. 
Housing Starts FELL by 0.7% in October to 1520k, compared with market expectations for an increase to 1579k. Meanwhile, the prior month was revised modestly lower from 1,555k to 1,530k.  Housing starts are now 0.4% ABOVE their year-ago level.  However, they are still a sharp 33.1% BELOW their January 2006 peak.
Single-Family Housing Starts FELL by 3.9% to 1039k. Single-family housing starts are 10.6% BELOW their year-ago level but still 43.0% BELOW their January 2006 peak.

Multifamily Housing Starts
ROSE by 7.1% to 481k. Multifamily starts are now 36.6% ABOVE their year-ago level.