United States Building Permits
Oct 31, 2023
Time to Release
|1,369.87 Thousand||1960-2023||U.S. Census Bureau|
Building Permits refer to the approvals given by a local jurisdictions before the construction of a new or existing building can legally occur. Not all areas of the United States require a permit for construction.
Building permits in the United States rose by 1.8% to a seasonally adjusted annual rate of 1.498 million in October 2023, compared to the preliminary estimate of 1.487 million, revised data showed. However, it stayed below the 10-month high of 1.541 million seen in August, due to ongoing constraints in the construction market resulting from a substantial shortage of homes, influenced by rapid increases in interest rates and construction expenses. Approvals for the volatile multi-segment increased by 4.1% to a rate of 529 thousand, rebounding from September's three-year low, while single-family authorizations rose by 0.6% to 969 thousand, a peak since May 2022. Across the various US regions, there were increases in permits in the South (4.2% to 852 thousand) and the Northeast (17.4% to 128 thousand), while declines were reported in the West (-2% to 348 thousand) and the Midwest (-10.1% to 170 thousand).
United States Building Permits History
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