November new housing starts were at a 1.289 million unit rate, down 1.8% from October and down 14.6% from the 1.510 million unit rate in November 2023. This is the lowest monthly start rate since July. The drop in starts in November mainly came from multi-family units, which came in at their lowest rate since March. However, permits, an indicator for future construction, increased after sliding in the previous two months.
Now up for the third consecutive month, total construction spending continued to increase in October. Total spending came in at a $2.174 trillion rate, up 0.4% from September and up 5.0% from the $2.071 trillion rate in October 2023. Despite the continued year-over-year increases, this was the smallest increase since April 2020. While non-residential construction declined, the boost in residential spending helped lift the overall number. Residential spending was up 1.5% from September and up 6.4% from October 2023.
Now up for the third consecutive month, total construction spending continued to increase in October. Total spending came in at a $2.174 trillion rate, up 0.4% from September and up 5.0% from the $2.071 trillion rate in October 2023. Despite the continued year-over-year increases, this was the smallest increase since April 2020. While non-residential construction declined, the boost in residential spending helped lift the overall number. Residential spending was up 1.5% from September and up 6.4% from October 2023.
Light vehicle production totaled 966,169 units in October, up 10.1% from September and up 14.5% from the strike-impacted 843,625 units last October. On per/day basis, auto production was at its highest daily rate since April. Sales have now increased, on a year-over-year basis, in consecutive months.
After slowing in September, U.S. light vehicle sales rebounded in October. Sales increased to 1.325 million units, up 13.3% from September and up 10.4% from last October. This was the largest year-over-year increase since December. Year-to-date light vehicle sales are now up 1.6% compared to the same timeframe last year. Much like in September, robust new-vehicle inventory and heightened incentives are key factors helping maintain steady sales volume. Throughout 2024, incentives for new-vehicle sales have been steadily increasing, recently reaching the highest level since early 2021.
After sliding in September, confidence among U.S. consumers increased in October. The October Consumer Confidence Index came in at 108.7, up from 99.2 in September and the strongest monthly gain since March 2021. The Present Situation Index increased sharply, climbing over 14 points to 138.0. The Expectations Index, based on short-term outlook, increased to 89.1. On a six-month average basis, purchasing plans for cars and houses continued to increase, while plans for durable goods purchases also increased.
U.S. light vehicle production slipped in September, now sliding for the third time in the last four months. U.S. light vehicle production totaled 894,643 units, down 7.2% from August, but was up 3.3% from 866,338 units in September 2023. This was the first year-over-year increase for light vehicle production since April. Year-over-year production for light trucks was up 6.6%, helping to overcome the 13.4% year-over-year decline in car production. Car production has now declined on a year-over-year basis for the seventh consecutive month. Year-to-date light vehicle production is now up 2.2% compared to the same timeframe last year.
After sliding in the previous four months, shipments of tractors and combines increased slightly in September. Shipments totaled 19,265 units, up 0.8% from August but still down sharply, 20.7%, from September 2023. This is the sixteenth consecutive month in which shipments declined on a year-over-year basis. The increase in September came from tractor shipments, which increased 1.4% from August, but were down 19.7% from last year. Combine shipments were down 15.8% from August and down 42.6% from September 2023. The year-to-date shipments are down 7.3% compared to the same timeframe last year.
U.S. raw steel production declined sharply again last week, now down for the fourth straight week. U.S. steelmakers produced 1.606 million tons at a 72.3% utilization rate, the lowest weekly output since the last week of December 2022. Weekly output has dropped by more than 100k tons in just two weeks. Production was down 2.4% from the prior week and down 5.4% from the same week last year. YTD production is down 1.7% from the same timeframe last year. Additionally, based off preliminary import license data, total steel imports are tending 2.4% below the rate from the same timeframe (6 days) in September.
Dockworkers have started walking out of every major port on the East and Gulf coasts of the U.S., kicking off a strike that may ripple through the economy. The current strike is impacting activity at 36 domestic ports from Maine to Texas. The ports impacted by the industrial action have the combined capacity to handle as much as half of all U.S. trade volumes, and the strike will halt container cargo and auto shipments.
