US single-family housing starts rebound in October, building permits dip
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FILE PHOTO: Single-family residential homes are shown under construction in Menifee, California, U.S., March 28, 2024. REUTERS/Mike Blake/File Photo
WASHINGTON, Jan 9 (Reuters) - U.S. single-family homebuilding rebounded in October, but permits for future construction eased, signaling caution among builders as new housing inventory remains high and demand soft.
Single-family housing starts, which account for the bulk of homebuilding, increased 5.4% to a seasonally adjusted annual rate of 874,000 units in October, the Commerce Department's Census Bureau said on Friday. Starts dropped to a pace of 829,000 units in September from a 869,000-unit pace in August.
The reports were delayed by the 43-day government shutdown. Builders are also being constrained by higher building and labor costs because of import tariffs and an immigration crackdown.
Permits for future single-family homebuilding fell 0.5% to a rate of 876,000 units in October. They increased to a pace of 880,000 units in September from a 858,000-unit rate in August
(Reporting by Lucia MutikaniEditing by Mark Potter)
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