Housing starts highest since July 2008
November 20, 2012
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 894,000 — 3.6% above the September estimate and 41.9% above October 2011, according to preliminary U.S. Census Bureau estimates. That’s the highest rate of housing starts since July 2008. The growth in residential construction from September came from multi-family units; single-family housing starts in October were at a rate of 594,000, down 0.2% from September. The West and Midwest were responsible for the month-to-month gain in housing starts, offsetting mild declines in the Northeast and South.
Meanwhile, permits for future residential construction were were at a seasonally adjusted annual rate of 866,000 — down 2.7% from September but 29.8% above October 2011. Permits for single-family homes actually rose 2.2%. Permits were up in the Midwest, down in the West and Northeast and nearly flat in the South.
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