|
Groundbreaking jumped 25.5 percent to a seasonally adjusted
annual pace of 1.32 million units, the highest level since
August 2007, the Commerce Department said on Thursday. The
percent increase was the biggest since July 1982. Starts
increased in all four regions last month.
September's starts were unrevised at a 1.05 million-unit rate.
Economists polled by Reuters had forecast housing starts rising
to a 1.16 million-unit pace in October. Residential construction
has been a drag on gross domestic product for two straight
quarters.
Single-family home building, which accounts for the largest
share of the residential housing market, jumped 10.7 percent to
an 869,000-unit pace in October, the highest since October 2007.
The housing market is being driven by a tightening labor market,
which is starting to drive up wages.
Housing starts for the volatile multi-family segment soared 68.8
percent to a 454,000-unit pace. Starts for buildings with five
units or more hit their highest level since June 2015.
Permits for future construction edged up 0.3 percent in October.
Single-family permits rose 2.7 percent last month, while
building permits for multi-family units fell 3.3 percent.
(Reporting By Lucia Mutikani, Editing by Andrea Ricci)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
