The Census Bureau reported that privately owned housing starts in October were at a seasonally adjusted annual rate of 1,311,000. This marks a 3.1% decline from the revised September estimate of 1,353,000.
Single-family housing starts in October reflected broader trends, with multifamily starts showing growth while the overall construction sector faces continued challenges.
“Although housing starts declined in October, builder sentiment improved for a third straight month in November as builders anticipate an improved regulatory environment in 2025 that will allow the industry to increase housing supply,” said Carl Harris, chairman of the National Association of Home Builders and a custom home builder from Wichita, Kansas.
Meanwhile, multifamily housing starts saw some positive movement in October. However, the number of apartments under construction dropped to 821,000—the lowest level since March 2022.
“While multifamily starts were up in October, the number of apartments under construction is down to 821,000, the lowest count since March 2022,” said NAHB Chief Economist Robert Dietz. “Further interest rate cuts from the Federal Reserve through 2025 should result in lower interest rates for construction and development loans, helping to lead to a stabilization for apartment construction and expansion for single-family home building.”
Despite fluctuations in the data, the report underscores ongoing resilience in the single-family construction sector as builders prepare for potential market shifts in 2025.
