Housing Starts and Permits Analysis for October 2025

This technical report from PNC Economics Research discusses the trends in residential construction for October 2025. It outlines that total housing starts fell to 1.246 million units, marking the lowest level since June 2020, with a 5% decrease from September. While single-family housing starts saw a modest increase of 5%, they remained 8% lower than the previous year. In contrast, multifamily starts experienced a significant decline of over 25% month-over-month. The report highlights regional performance, noting that the Northeast outperformed other regions, particularly in single-family home starts. Additionally, total construction permits showed a marginal decline after a previous surge, with varied performance across regions. Completions rose by 1% but are on a downward trend compared to earlier peaks. The report concludes with expectations of continued softness in homebuilding due to high mortgage rates and economic uncertainties, despite potential improvements in housing affordability.