Housing starts increase in October

Housing starts increased 13.7 percent from September to October, according to the U.S. Census Bureau. Construction grew to a seasonally adjusted annual rate of 1.29 million compared with a revised estimate of 1.135 million in September.

Single-family housing starts increased 5.3 percent to 877,000. Building permit applications, which are viewed as a barometer of future construction, increased 5.9 percent in October to a seasonally adjusted annual rate of 1.297 million.

Housing starts are well above the April 2009 annual rate of 478,000, which was the recession low. However, they are 2.9 percent lower than in October 2016. A 1.5 million annual rate still is needed to be considered healthy.

Date : 11/20/2017