Single-family housing starts rose 3.9 percent to a seasonally adjusted annual rate of 430,000 units in October, according to newly released data from the U.S. Commerce Department.
Single-family housing starts rose 3.9 percent to a seasonally adjusted annual rate of 430,000 units in October, according to newly released data from the U.S. Commerce Department and reported by the National Association of Home Builders (NAHB). However, an 8.3 percent decline in multifamily starts kept the combined number for nationwide housing production virtually flat at 628,000 units in October.
Single-family permits posted a measurable gain of 5.1 percent to 434,000 units in the latest report, which is their fastest pace since December of 2010.
While combined housing starts in October declined by a barely perceptible 0.3 percent to a rate of 628,000 units, the single-family sector posted a 3.9 percent gain to 430,000 units. Meanwhile, the more volatile multifamily sector posted an 8.3 percent decline to 198,000 units following an unsustainably large gain in the previous month.
Permit issuance, which can be an indicator of future building activity, rose 10.9 percent to a seasonally adjusted annual rate of 653,000 units in October on gains in both the single- and multifamily sides. Single-family housing permits rose 5.1 percent to 434,000 units - their highest level since December of 2010 - while multifamily permits rose 24.4 percent to 219,000 units - their highest level since October of 2008.
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