New home constructions jumped 13.7% this October, representing the biggest surge in the past twelve months as housing starts saw major gains in single-family homes and apartments.
According to the Commerce Department on Friday, the October gain brings U.S. housing starts to 1.29 million units (seasonally adjusted annual rate), the best pace see in the past year.
Another indicator of growth, residential building permits, grew 5.9% for an annualized rate of 1.297 million.
The strong growth in U.S. housing starts last month clearly signals that builders have recovered their pace after hurricane woes significantly slowed things down the month before.
Key data: Monthly New Residential Construction, October 2017
- Housing Starts: October – up 13.7%; Year to date – up 2.4%
- Multi-family properties: up 37.4%
- Single-family properties: up 5.3%
- Building Permits: 1,297,000
- Housing Starts: 1,290,000
- Housing Completions: 1,232,000
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