Permits for New-Home Construction Hit Post-Recession Record High in October

The numbers: Builders started construction on new homes at a pace of 1.314 million in October, the Commerce Department reported Tuesday. While lower than the consensus estimate of 1.325 million starts among economists polled by MarketWatch expectations, housing starts were up 3.8% from a revised 1.266 million in September and 8.5% higher than the same month last year.

Notably, building permits for privately-owning housing units were authorized at a seasonally-adjusted rate of 1.461 million. That was 5% above the revised pace of 1.391 million set in September and 14.1% above last year’s rate. Economists had anticipated building permits to occur at a 1.390 rate……Read More