Residential construction made major headway in October, rising past expectations and landing a massive 25 percent above September’s starts, according to recently released data from the Commerce Department.
Building permits for privately-owned units came in at a seasonally adjusted annual rate of 1,229,000, a shy 0.3 percent above the revised September rate of 1,225,000, but 4.6 percent above the October 2015 estimate of 1,175,000. Single-family authorizations also rose in October, hovering 2.7 percent above Septembers numbers.
October’s privately-owned housing starts made the most impressive moves, landing at an adjusted annual rate of 1,323,000—a whopping 25.5 percent above September starts. Marking a 23.3 percent improvement from October last year, these gains are the fastest moving since August 2007.
October’s housing completions also topped out, with privately-owned completions inching 5.5 percent above the revised September estimate and 7.2 percent above October 2015 numbers.
The strength in these numbers tells us that homebuilding is making a healthy recovery.
Source: U.S. Census Bureau
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