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- U.S. housing starts increase less than expected in October
U.S. housing starts increase less than expected in October
The Commerce
Department reported on Tuesday the building permits issued for privately owned
housing units surged by 5.0 percent m-o-m in October to a seasonally adjusted
annual pace of 1.461 million (the highest level since May 2007), while housing
starts rose by 3.8 percent m-o-m to an annual rate of 1.314 million.
Economists had
forecast housing starts increasing to a pace of 1.320 million units last month
and building permits falling to a pace of 1.383 million units.
Data for September
was revised to show homebuilding growing to a pace of 1.266 million units,
instead of decreasing at a rate of 1.256 million units as previously reported.
According to
the report, permits for single-family homes, the largest segment of the market,
increased 3.2 percent m-o-m at 909,000 in October (the highest level since
August 2007), while approvals for the multi-family homes segment jumped 8.2
percent m-o-m to a 552,000 unit-rate.
In the
meantime, groundbreaking on single-family homes rose 2.0 percent m-o-m to a
rate of 936,000 units in October (the highest in 9 months), while housing
starts for the multi-family climbed 8.6 percent m-o-m to a 378,000 -unit pace.
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