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Jan 2000 - Oct 2009: Red; developments of 2 or more units; Blue; single family units. Full-scale chart
US home construction fell sharply in October, wiping out the gains of recent months as uncertainty over renewal of a tax credit for first-time house buyers prompted caution among builders. Meanwhile, US consumer prices rose at a moderate pace in October.
The US Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for October 2009:
The $8,000 tax credit for first-time buyers was due to expire on Nov. 30th. However, earlier this month, Congress approved the relief through April, ending months of speculation whether the incentive would be extended.
Building Permits
Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 552,000. This is 4.0 percent below the revised September rate of 575,000 and is 24.3 percent below the October 2008
estimate of 729,000.
Single-family authorisations in October were at a rate of 451,000; this is 0.2 percent below the revised September figure of 452,000. Authorisations of units in buildings with five units or more were at a rate of 85,000 in October.
Housing Starts
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 529,000. This is 10.6 percent below the revised September estimate of 592,000 and is 30.7 percent below the October 2008 rate of 763,000.
Single-family housing starts in October were at a rate of 476,000; this is 6.8 percent below the revised September figure of 511,000. The October rate for units in buildings with five units or more was 48,000.
Housing Completions
Privately-owned housing completions in October were at a seasonally adjusted annual rate of 740,000. This is 1.9 percent above the revised September estimate of 726,000, but is 29.9 percent below the October 2008 rate of 1,055,000.
Single-family housing completions in October were at a rate of 528,000; this is 10.7 percent above the revised September figure of 477,000. The October rate for units in buildings with five units or more was 200,000.
Consumer Prices
US Consumer Price rose 0.3 percent in October, the US Bureau of Labor Statistics reported today. The index decreased 0.2 percent over the last 12 months on a not seasonally adjusted basis.
The index for all items less volatile food and energy - - known as the "core" rate - - rose 0.2 percent in October, the same increase as in September.
New US housing starts in October unexpectedly fell to their lowest level in six months, while consumer prices edged up 0.3 percent in October as energy and new car prices both advanced:
