U.S. new-home construction rebounded in October to the fastest pace in a year, partly reflecting recovery efforts in the hurricane-stricken South, government figures showed Friday. A pickup in permit applications for one- family dwellings indicates building will remain firm in coming months.

 

 

Highlights of Housing Starts (October)
  • Residential starts rose 13.7% to a 1.29 mln annualized rate (est. 1.19 mln) after upwardly revised 1.14 mln pace in prior month.
  • Single-family home starts rose 5.3%; multifamily jumped 36.8%.
  • Permits, a proxy for future construction of all types of homes, rose 5.9% to 1.3 mln rate (est. 1.25 mln) from a 1.23 mln pace.

 

Key Takeaways

The report showed building permits for single-family homes improved in October to an 839,000 annualized pace, the fastest since September 2007. Construction spending, which subtracted from gross domestic product in the second and third quarters, may add to U.S. economic growth in the final three months of 2017 on the heels of rebuilding efforts.

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