■ It was reported that U.S. housing starts totaled 1.290 million in October vs 1.185 million
■ October U.S. home building jumped to a one-year high
■ Communities in the hurricane-hit regions began replacing houses damaged by floods
■ Housing starts surged 13.7% to a seasonally adjusted annual rate of 1.29 million units
U.S. home building jumped to a one-year high in October. Experts point to the jump being the result of the recent hurricanes in the South.
The Commerce Department reported that housing starts rose 13.7% to a seasonally adjusted annual rate of 1.29 million units. This represents the highest level since October 2016. Economists polled had forecast housing starts rising to a pace of 1.185 million units last month.
More good news came in the way of September’s revised pace which was up to 1.135 million units from the previously reported 1.127 million units.
Housing starts in the South soared 17.2% in October to 621,000 units, with single-family construction vaulting 16.6% to its highest level since 2007.
The jump in October’s statistics ended 3 straight months of declines where home builders have struggled due to shortages of land, labor and expensive lumber.
Single-family home building increased by 5.3% to a rate of 877,000 units in October, an eight-month high.
Single-family starts fell 22.4% in the Northeast
Single-family starts slipped 7.7% in the West
Single-family starts rose 7.8% in the Midwest
Single-family home permits rose 1.9% overall
Permits for the construction of multi-family homes also climbed by double-digits to 13.9%
Building permits increased 5.9% to a rate of 1.297 million units in October, which is the highest level since January.
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