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- U.S. housing starts rise more than forecast in October
U.S. housing starts rise more than forecast in October
The Commerce
Department reported on Wednesday the housing starts climbed by 4.9 percent m-o-m
in September to a seasonally adjusted annual pace of 1.530 million (the highest
since February), while building permits unchanged at a seasonally adjusted
annual rate of 1.545.
Economists had
forecast housing starts increasing to a pace of 1.460 million units last month
and building permits rising to a pace of 1.560 million units.
Data for September
was revised to show homebuilding growing to a pace of 1.459 million units,
instead of increasing at a rate of 1.415 million units as previously reported.
According to
the report, permits for single-family homes, the largest segment of the market,
rose 0.6 percent m-o-m to a rate of 1.120 million units in October, while
approvals for the multi-family homes segment declined 1.6 percent m-o-m to a 425,000
unit-rate.
In the
meantime, groundbreaking on single-family homes jumped 6.4 percent m-o-m to a
rate of 1.179 million units in October, while housing starts for the
multi-family remained unchanged m-o-m at a 351,000 -unit pace.
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