Housing starts near post-Recession high in October
Single-family production rose 5.3 percent in October
Nationwide housing starts rose 13.7% in October to a seasonally adjusted annual rate of 1.29 million units after a slight upward revision to the September reading, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department. This is the highest housing production reading since October 2016, when total starts hit a post-recession high of 1.33 million.
Single-family production rose 5.3% in October to a seasonally adjusted annual rate of 877,000. Year-to-date, single-family starts are 8.4% above their level over the same period last year. Multifamily starts jumped 36.8% to 413,000 units after a weak September report.