Updated: 17-Nov-17 09:19 ET
|Updated: 17-Nov-17 09:19 ET
- Housing starts surged 13.7% month-over-month in October to a seasonally adjusted annual rate of 1.29 million (Briefing.com consensus 1.198 million) while building permits increased 5.9% to a seasonally adjusted annual rate of 1.297 million.
- The readings for starts and permits were the strongest since the beginning of the year and they were fueled by large increases for multi-unit dwellings and most likely some pent-up activity in the wake of the hurricanes in August and September. Multi-unit permits were up 13.9%.Multi-unit starts increased 36.8%.
- There was some strength in single-family units as well, with single-family starts up 5.3% and single-family permits up 1.9%.
- The key takeaway from the report is that it will be a positive input for fourth quarter GDP forecasts as the number of units under construction --1.096 million -- was slightly ahead of the third quarter average of 1.077 million.
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