Bolstered by low mortgage rates and increasing sales, builder confidence is cruising. The good news is that the enthusiasm is more than a feeling: both permits and housing starts are increasing, indicating a growing momentum in the housing market.
Total housing starts increased 3.8 percent in October to a seasonally adjusted annual rate of 1.31 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department.
The October reading of 1.31 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts increased 2% to 936,000 units. The multifamily sector, which includes apartment buildings and condos, increased 8.6% to a 378,000 pace.
“Home builders are seeing more building opportunities as market conditions remain solid,” said NAHB Chairman Greg Ugalde. “Builder sentiment remains strong and we are seeing an uptick in buyer traffic.”
Advertisement
Related Stories
Trade Contractors
Which States and Construction Trades Rely Most on Immigrant Workers?
California and Texas have higher concentrations of immigrants in their construction workforce, and certain skilled trades also rely more on foreign-born labor than others
Quality Matters
Tips for Placing HVAC Ducts in Conditioned Space
See how putting HVAC ducts inside conditioned space in a home benefits both the builder and the homeowner
Construction
Q+A With Jenny Kerr Schroen and Chris Eccleston: Grit Leads to Greatness
The co-authors of Grit Leads to Greatness: An Epic Quest Built to Change the World are getting an enthusiastic response to their book and are finding its message resonates deeply with students, school administrators, and parents alike