U.S. housing starts rise to 9-year high in OctoberStaff Writer | November 19, 2016
Housing starts in the United States climbed 25.5 percent from the previous month to a seasonally adjusted annualized rate of 1323,000 in October 2016.
America Single-family housing starts advanced 10.7 percent
Single-family housing starts, the largest segment of the market, rose 10.7 percent to 785 and those for the volatile multi-family segment soared 68.8 percent to 454,000, of which for 5 units or more jumped 74.5 percent to 445,000.
Starts rose in the Northeast (+44.8 percent), in the Midwest (+44.1 percent), in the West (+23.2 percent) and in the South (+17.9 percent).
Building permits rose 0.3 percent to reach a year high of 1229,000 while markets were expecting a 2.9 percent drop. Single-family permits rose 2.7 percent to 762,000 while those to 5 units or more fell 1.8 percent to 439,000.
Increases occured in the Midwest (+12.1 percent) and in the West (+7.5 percent). By contrast, permits decreased in the Northeast (-21.1 percent) and in the South (-2.4 percent).
Year-on-year, housing starts rose 23.3 percent in October and building permits increased 4.6 percent. ■